William Macklowe Co. acquires 156 William Street from Capstone for $62.5 million; Spies of Eastdil reps seller

William Macklowe Co. (WMC) has closed on the purchase of 156 William St., bringing the revitalized downtown district one step closer to having its first-ever medical office building. "We believe this is the highest and best use for the asset as it will fill a critical need in this dynamic and evolving business and residential community," said WMC CEO Billy Macklowe, whose firm acquired the 12-story Emery Roth-designed office building from Capstone Realty Advisors for $62.5 million. Adam Spies, of Eastdil Secured, represented the seller. Opened in 1955, the L-shaped building, which also fronts on Ann and Beekman Sts., contains 250,000 s/f of office space, some of which is already leased to medical tenants. Cornell Medical Center, for example, occupies 30,000 s/f on two floors and N.Y. Downtown Hospital is a 17,000 s/f tenant. "Another 100,000 s/f is scheduled to be vacated in mid-2014," said Macklowe, whose firm is already discussing a variety of renovations and upgrades specifically designed to appeal to health care tenancies. Although still in early planning, extensive base building capital improvements and enhancements are contemplated. "We believe market conditions are both conducive and favorable to successfully execute this exciting vision for 156 William St. and we plan to move ahead quickly with our marketing and leasing campaigns," said Macklowe. In addition to its latest acquisition, the WMC Manhattan property portfolio also includes 386 Park Ave. South, 636 Avenue of the Americas, and 110 University Place.