Joshua Zamir, managing principal with Capstone, explains that itis exciting to close this transaction in such a "difficultfinancing environment." Capstone's Fund I, which invests inunderperforming commercial properties, recently invested in the1.1-million-sf 14 Wall St. in a joint venture with the CarlyleGroup. Capstone bought the landmark tower last year and has signedleases for almost 200,000 sf since its purchase including therecent 36,400-sf lease to NYU Medical center. Other recent projectinvestments include 40 Broad St., 132 W. 31st St. and 44 WallSt.

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Following the path of Capstone's property at 14 Wall St., thecompany plans to build on previous improvements by upgrading 156William St. to create a luxury office building offering first classtenant services, amenities and security. Capstone has hiredarchitectural firm Gensler Architects and is currently consideringdesigns for a new lobby, building facade, curtain wall andmechanical capital improvements. Ghadamian notes that the companyis still analyzing design and budget as of now in regards toimprovements, so he couldn't not determine a construction cost orstart date at this time.

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Ghadamian explains to GlobeSt.com that Capstone was attracted tothe property for the upside potential and also for the low cost perfoot--in that it is very difficult to find anything less than $250per sf. Capstone was also attracted to the fact that it is twoblocks away from the new Fulton Street Transit Station.

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"The acquisition of 156 William St. is another example of thecommitment Capstone Equities has to Lower Manhattan," Zamir says ina prepared statement. "We see great potential in the future of thisarea."

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Leasing agent for the building is Cushman &Wakefield led byAndrew Peretz. The leasing team also includes John Peters, MikhailNahmias and Mark Packman. According to online resources, askingrent as of Jan. 4 is $35 per sf; however, Ghadamian could notconfirm that number to GlobeSt.com. Ghadamian did note that theproperty is currently 80% occupied. Georgia Malone and Co.represented Capstone's Zamir and Ghadamian in the deal.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.