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Deals & Dealmakers

Repositioned Resnick tower a downtown leasing magnet

Jack Resnick & Sons announced today that two companies have signed new leases and expansions totaling 94,965 square feet of office space 199 Water Street.

Med Review, a subsidiary of the New York County Health Services Organization (NYCHSRO), has signed a 72,439 s/f renewal and expansion at the 35-story, 1.1 million square-foot downtown property.

As part of the transaction, the firm is taking an additional 35,454 s/f on the entire 7th floor, while also renewing its 36,985 s/f space on the entire 27th floor.

Resnick has also completed a new, 22,526 s/f lease on a portion of the 8th floor with nonprofit organization iMentor. The organization, which is currently located at 30 Broad Street, expects to relocate to the building in the fourth quarter of 2019.

With the new long-term commitments from Med Review and iMentor, Resnick has now secured 379,643 s/f of leasing transactions at 199 Water Street year-to-date.

The other new tenants are collaborative workspace provider WeWork, marketing communications firm W2O Group, and the non-profit American Foundation for Suicide Prevention.

“We are pleased to welcome iMentor to 199 Water Street while also significantly expanding our long-term relationship with Med Review at the building,” said Jonathan Resnick, president of Jack Resnick & Sons.

“Our recent leasing successes here speak not only to the quality of the building and our services but also to the enduring strength and increasing diversification of Lower Manhattan’s economy.”

Jack Resnick & Sons was represented in-house in both transactions by Executive Managing Director Brett Greenberg and Managing Director Adam Rappaport, along with an agency team from Cushman & Wakefield led by John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon.

Mark Ravesloot and Bill Iacovelli of CBRE represented Med Review, while Lindsay Orenstein and Rory Murphy of Transwestern represented iMentor.

Following a major renovation and repositioning in 2014, 199 Water Street has played a major role in the transformation of the Lower Manhattan commercial market.

The building’s Swanke Hayden Connell designed lobby, which features three paintings from artist Frank Stella, includes new glass security turnstiles, a destination-based elevator system and a full service messenger center.

The property has also benefited from upgraded signage and lighting and features an executive in-building parking garage, tenant dedicated bike and locker rooms.

In addition, critical building systems are located on upper floors, and a detachable floodgate system has been installed at key building entrances for flood protection.

The building has a high-caliber tenant roster featuring The Howard Hughes Corporation, Epsilon Data Management, BGC Partners, and Allied World Insurance Company.

Built in 1984, the property is LEED certified from the U.S. Green Building Council (USGBC) and Wired Certified Platinum for excellence in internet connectivity.

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