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William Macklowe Pays $62.5M for NYC Office

Capstone Sells 252,000 SF for Redevelopment
January 7, 2014
William Macklowe Co. has acquired the office building at 156 William St. in New York City from Capstone Equities for $62.5 million, or about $248 per square foot.

The 12-story, 252,000-square-foot office building was constructed in 1955 on half an acre in Manhattan's Insurance District submarket, at the northeast corner of Ann Street.

The seller acquired the property back in January 2008 from PG Williamson Group, Inc. for $60 million, according to CoStar data. See CoStar COMPS #1479000.

Located across the street from New York Presbyterian - Lower Manhattan Hospital, the buyer intends to convert the now-leased property into medical offices.

Adam Spies, Kevin Donner, and Brett Siegel with Eastdil Secured LLC represented the seller.

Please see CoStar COMPS #2922889 for additional information on this transaction.
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