- Ramp signed a long-term, 175,000 SF expansion at 28-40 West 23rd Street, taking all of floors 6 through 12 and growing to 460,300 SF in the complex.
- It is Ramp’s third expansion since moving in during 2023, after 66,000 SF in 2024 and 153,300 SF in March 2026, and the 575,000 SF building remains fully leased.
- Midtown South logged 4.75M SF of Q3 leasing, its strongest third quarter on record per Colliers, and Manhattan leads the nation with 8.8M SF of net absorption this year.
Ramp is doubling down on the Midtown South office market, signing a long-term lease for another 175,000 SF at Williams Equities’ 28-40 West 23rd Street.
The deal takes the fintech to 460,300 SF in the complex and gives it the full run of floors six to 12. The 575,000 SF, 12-floor property is still 100% leased.
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Ramp Keeps Growing
Ramp has expanded three times since arriving in 2023. First, it added 66,000 SF in 2024. Then, in March 2026, it took another 153,300 SF.
The company describes itself as a leading fintech operations platform.
Inside the Building
The complex originally housed the Stern Brothers department store. Today, it retains its restored cast-iron facade. Inside, the property features three staffed lobbies and ceilings reaching 17.5 feet. Its largest floors span 66,000 SF.
Williams Equities has also completed several upgrades. These include a renovated atrium with a glass skylight and a shared roof deck. Meanwhile, Home Depot remains the retail anchor and occupies all of the street frontage.
These improvements reflect a broader trend across Manhattan. CRE Daily reported that office owners are adding roof decks, conference centers and event spaces. Moreover, new Class B and C leasing reached about 7M SF in H1 2026, according to CoStar, as amenity upgrades become more common.
Midtown South Momentum
According to Colliers, Midtown South leased 4.75M SF in Q3. That marked a record for the third quarter. Meanwhile, Manhattan recorded 8.8M SF of net absorption year to date. That’s the highest total in the U.S. and more than a quarter of the national figure.
CRE Daily’s analysis of the Colliers data found that Midtown availability had returned to its March 2020 level.
AI firms are also driving demand. In Q3, they leased nearly 1.1M SF in Manhattan. That’s well above the 790,000 SF they leased throughout 2025.
Why It Matters
Williams Equities principal Michael T. Cohen said the lease validates the firm’s strategy. The company has focused on high-end, pre-war buildings in Midtown South. These properties have attracted tech firms and consumer brands, including Netflix and DAZN.
Cohen also said tech, creative and service firms continue to favor the neighborhood. He pointed to its restaurants, parks and plazas. Together, these amenities offer a balance between office life and downtime.
In a March podcast episode with CRE Daily, Cohen discussed the evolution of neighborhoods such as NoMad. He also reflected on his family’s nearly 100-year history in Manhattan. This year, Williams Equities celebrates its 100th anniversary.
Deal Team
On the ownership side, Colliers’ Rachel Kirkham and Jessica Verdi worked with Cohen and Andrew and Mac Roos. Meanwhile, CBRE’s Ryan Alexander, Jared Isaacson and Jeff Frenkel represented Ramp.
What’s Next
Watch whether Midtown South’s record leasing pace continues into Q4. With the complex fully leased, nearby options may be limited. As a result, tenants seeking character buildings could need to act early. Ramp’s three expansions offer a clear example.
