NEW YORK CITY—Lee & Associates has started the new year with the lease of the 50,000-sq.-ft. Fulton Crossing at 140 William Street. The 20-year lease transaction, with the asking rent on the property at $1.7 million per annum, was brokered by the Lee & Associates NYC team of Peter Braus and James Wacht, managing principal and president respectively, and managing directors Gabe Isaacs, Peter Levitan and Garry Steinberg, representing the landlord, Crikos LLC. David Falk and Kyle Ciminelli of Newmark Knight Frank represented the tenant, Pace University.

The private university will occupy the entire property and use it for classrooms, faculty offices and performance space for Pace’s dance programs. The seven-story building is centrally located in the heart of the Fulton Street redevelopment between the South Street Seaport and the World Trade Center.

Lee & Associates NYC, through its affiliate Sierra Realty Corp., was the brokerage firm that represented Crikos LLC in the acquisition of the property in 2011 and also provided comprehensive construction management services to ownership.

Sierra will continue its relationship with Pace University’s facilities management department to implement the landlord’s work letter/obligations in conformance with tenant requirements.