Torrance, CA – January 10, 2012 – (RealEstateRama) — Lee & Associates, one of the nation’s leading commercial real estate providers, kicked off the new year with the lease of the 50,000-square-foot Fulton Crossing at 140 William Street. The 20-year lease transaction, with the asking rent on the property at $1.7 million per annum, was brokered by the Lee & Associates NYC team of Peter Braus and James Wacht, managing principal and president respectively, and managing directors Gabe Isaacs, Peter Levitan and Garry Steinberg, representing the landlord, Crikos LLC. David Falk and Kyle Ciminelli of Newmark Knight Frank represented the tenant, Pace University.
The private university will occupy the entire property and use it for classrooms, faculty offices and performance space for Pace’s dance programs. Located within close proximity to Pace’s New York City campus, the seven-story building is centrally located on one of downtown’s most heavily trafficked thoroughfares in the heart of the Fulton Street redevelopment between the South Street Seaport and the World Trade Center.
Lee & Associates NYC, through its affiliate Sierra Realty Corp., was the brokerage firm that represented Crikos LLC in the acquisition of the property in 2011 and also provided comprehensive construction management services to ownership.
“When we started marketing the building, we were looking for institutional, full-building users. Pace fit the bill perfectly,” said Braus. “In addition, because we were able to provide a vast range of services that went beyond brokerage, we were able to assist in developing a capital improvement program for building systems including a building-wide improvements to base building systems . This ‘extra’ service enabled us to continue an ongoing relationship with Pace ”
Sierra will continue its relationship with Pace University’s facilities management department to implement the landlord’s work letter/obligations in conformance with tenant requirements.
According to Braus, Pace has been very active having recently leased space for a new build-to-suit property nearby, continuing the transformation of the Financial District to a 24-hour, 7-days-a-week neighborhood. The property leasing took approximately one year to complete.
About Lee & Associates NYC:
Celebrating more than 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 45 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. Lee & Associates NYC, a member of the Lee & Associates group of companies, provides office, retail and multifamily/investment brokerage services throughout New York City. With its affiliate, Sierra Real Estate, Lee NYC also provides services in Property Management, Investment & Acquisitions and Construction Services. For more information about Lee & Associates NYC or Sierra Real Estate, call 212-490-1002. Or visit www.leeassociatresnyc.com; www.sierranyc.com
