NEW YORK CITY—New York City developer Steven Wu has acquired the Edgewater Plaza office building on Staten Island for $21.5 million.

The seven-story, 268,938-square-foot office building was purchased by Wu of Edgewater Plaza Loft, LLC. Colliers International, which represented the seller in the transaction, says that Wu, who owns other properties on Staten Island, plans to maintain the property at One Edgewater Plaza as an office building.

A total of 181,172 square feet of space at the building is leased. Its tenant roster ranges from small law firms to large city institutions. The building's major tenants include the City of New York Board of Elections, the New York Police Department, and Staten Island University Hospital. Recent improvements to Edgewater Plaza have included a new roof, a new fire and life safety system, and enhancements to its facade.

“The new ownership acquired a unique, value-add opportunity with the ability to lease the remaining vacant space, while relying on dependable cash flow from credit tenants,” says Jacklene Chesler, managing director at Colliers International, who along with executive managing director Richard J. Madison and executive managing director Jeffrey Oram represented the seller, a special servicer, in the transaction. Brian McGowan of Casandra Properties, Inc., represented the buyer in the deal.