American Realty Capital is in contract to buy 123 William Street for $253 million from East End Capital.
The Downtown office property has roughly 545,000 rentable square feet and is 81 percent leased at the moment, according to a release from the buyers. The State of New york, the City of New York, the federal government, the Securities Training Corporation and McAloon & Friedman, P.C. are among the tenants in the 26-story building. The lobby, as well as other parts of the building, have been renovated.
A CBRE team led by Darcy Stacom and William Shanahan represented the seller.
“We are very excited to be adding 123 William Street to our portfolio,” American Realty’s chief executive officer Michael Happel said in a statement. He added that the real estate investment trust is acquiring the property “below its replacement cost. We see an opportunity to create near-term value at 123 William Street through leasing up the remainder of the building and marking below-market rents to current market levels as leases roll.”