NYC Administration for Children’s Services Extends 530K-SF at 150 William Street
By Rebecca Baird-Remba October 16, 2023 3:27 pm
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The New York City Administration for Children’s Services has extended its lease for most of the building at 150 William Street in the Financial District, according to public records.
The agency tacked on another two years to its 530,000-square-foot lease, backdating it to Sept. 1 and continuing through August 2025, according to the Department of Citywide Administrative Services, which handles leases for the city.
The city will pay an annual rent of $16 million, or $30 per square foot, in monthly installments of $1.3 million, according to a notice in The City Record.
The agency has occupied 19 floors of the 587,831-square-foot building since 1996, where it operates a walk-in service center and a broad array of support programs, according to The City Record and the landlord.
ACS administers the foster care system, child protection services, juvenile justice and family support programs via a network of contracted nonprofit organizations. It has also leased 640,000 square feet at 110 William Street, where it plans to relocate its headquarters across 26 floors beginning in 2025.
The landlord is 150 William Street Associates L.P., an entity associated with KF Braun Management, which has owned the building since 1986, city finance records show.
The Braun family didn’t immediately respond to a request for comment. It’s unclear who brokered the lease.
The 20-story office property, known as the Royal Insurance Building, occupies the entirety of the block between Ann, Gold, William and Fulton streets. Starrett & Van Vleck were responsible for the original design of the 1920s Art Deco building, which served as the headquarters for the Royal Insurance Company for 50 years, according to KF Braun’s website’s description of the building.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
