Even with the COVID-19 pandemic curtailing the leasing market for most of 2020, Williams Equities was able to successfully complete more than 350,000 square feet of office and retail transactions throughout its Manhattan portfolio.
Some of the largest Williams Equities transactions in 2020 included: the 120,000-sf Home Depot renewal at 28-40 West 23rd Street, one of the city’s largest retail leases of 2020; the 130,000-sf renewal with Charter Communications Inc. at 120 East 23rd Street; the 36,600-sf extension with Regus at 136 Madison Avenue, and the 21,200-sf Swann Galleries auction house renewal at 104 East 25th Street.
Michael T. Cohen, a Principal with Williams Equities, said that a combination of owning and operating well-maintained properties, strategic capital improvements throughout various properties in the portfolio, strong, long-term relationships, and a willingness to work with tenants fostered an environment that enabled a healthy leasing output under the circumstances.
“By a considerable margin 2020 was the most challenging year I’ve experienced throughout my career in real estate,” Cohen said. “The New York City real estate market is familiar and comfortable with the Williams Equities portfolio and the way we do business, so there was trust on both sides that deals could be arranged.”
“I’ve always felt that I’m in the business of making friends,” added Andrew Roos, Principal with Williams Equities. “Those friendships helped pave the way for us to transact leases during a time none of have seen before. When times are tough, it’s human instinct to stick with your friends. And when you have a robust business plan behind it all, there are opportunities for mutually beneficial agreements.”
Other Williams Equities transactions that closed in 2020 included nearly 15,000 sf of renewals and extensions at 1140 Broadway, with tenants including PaneBianco, Ingerber & Associates Inc., Phosphorous Inc., MTheory, Omni Phycological Services, and Vin Sur Vingt Wine Bar.
Williams Equities also closed more than 12,000 sf of renewals and extensions at 38 E32nd Street, with tenants including Horton Lees Brogdan Lighting and others.
Several other office and retail leasing transaction are in the pipeline throughout the Williams Equities portfolio, with the first wave of closings anticipated for the first quarter of 2021.
