"2 Rector Street is undoubtedly one of lower Manhattan's premier office towers"

Among the capital improvements are new bathrooms, a new common corridor program, window repairs, heating system upgrades, and facade improvements. The landlord -- Stellar Management -- is also offering a pre-built program featuring high-end units ranging from 3,500 square feet to 17,945 square feet. For tenants in need of customized spaces, complimentary test-fits and a turnkey program have been implemented at 2 Rector Street. The building also qualifies for economic incentives under the Lower Manhattan Revitalization Program (LMRP).

"Lower Manhattan boasts a highly-competitive office market today, but 2 Rector Street's pre-built suites and turnkey installations are moving quickly," said Ryan Jackson, Vice President of Stellar Management. "Unparalleled fenestration, full concierge services, and easy access to transportation set 2 Rector Street apart as downtown's best-in-class office building. We fully expect leasing momentum to increase in 2011."

A team of Cushman & Wakefield brokers lead by Frank Cento is marketing the space at 2 Rector Street.

"2 Rector Street is undoubtedly one of lower Manhattan's premier office towers," said Frank Cento. "The capital improvements, competitive pricing, and pre-built programs that ownership has implemented make the available space at 2 Rector Street very desirable."

2 Rector Street has approximately 90,000 square feet of available space, included within that a contiguous 53,835 square foot block of space. The prebuilt units feature high-ceilings, contemporary finishes and various layouts that can readily accommodate financial, creative, legal and service oriented tenants with discerning tastes. Not only will these units maximize the building's unique design, but they also present flexible layouts with outstanding window to interior ratios.

Stellar Management acquired 2 Rector Street in 1997. The 430,000 square-foot, 26-story office tower is situated in the heart of the Financial District. Occupying the full block front on Rector Street between Greenwich Street and Trinity Place, the building towers above the landmarked Trinity Church and offers outstanding harbor views with unprecedented light and air resulting from the building's unique U-shaped design.

"This is a welcomed addition to Stellar's growing portfolio," said Ryan Jackson, a vice president at Stellar Management. "Once renovations are complete, the property will juxtapose the quintessential 1920"s pre-war essence with modern amenities," Mr. Jackson added.

Stellar will maintain the building as Class A rental and will provide residents with access to contemporary rental services such as: wireless internet, a lobby lounge, gym and roof deck.  There are also plans to bring new "green" upgrades to the property. Located just one block from Riverside Park, the Windermere is surrounded by an abundance of amenities, including excellent local shopping along Broadway and a close proximity to an express subway stop.

The renovation designs will be a joint venture between N-Plus Architecture and RSVP Architecture Studio. Prior to Stellar Management's acquisition of the property, The Windermere was owned by the Zarucki family since 1973.

The purchase of The Windermere comes on the heels of two other notable announcements made by Stellar Management: in July, the group announced a joint venture with Savanna Real Estate Fund I, LLC ("Savanna") to recapitalize 2 Rector Street, and earlier this month, announced the purchase of Tivoli Towers, a 33-story, 320-unit affordable housing property in Brooklyn that will remain in the Mitchell-Lama program for at least 30 years.