Real Estate Weekly
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Leases

Met Council makes move to downtown landmark

77 Water Street

The William Kaufman Organization (WKO) and Principal Real Estate Investors announced that two companies have signed new leases totaling 28,539 s/f of office space at 77 Water Street, the 26-story, 600,000 s/f downtown office tower.

Non-profit social services organization The Metropolitan Council on Jewish Poverty (MET Council) has signed a 21,692 s/f direct lease to relocate to the building’s 26th floor. The firm will move into new space in November 2019.

In addition, software development firm Caissa LLC is the first tenant to lease a portion of the property’s newly-constructed pre-built units on the 24th floor.

The company’s new 6,847 s/f office suite features an open bar pantry with integrated Miele appliances; an adaptable reception/conference space; new hospitality restrooms and corridors; high-end finishes; and abundant natural lighting.

MICHAEL LENCHNER

According to Michael Lenchner, vice president and director of leasing at Sage Realty Corporation, the leasing and management division of WKO, the recent leasing activity at 77 Water Street is being driven by the building’s central downtown location, new prebuilt program and best-in-class connectivity.

“Since launching our new leasing campaign earlier this year, 77 Water Street has been very well-received by a wide range of different companies,” Lenchner said, noting that Sage Realty is currently in negotiations with a number of other tenants for the balance of the building.

Lenchner, along with an agency team from CBRE led by Jonathan Cope, Adam R. Leshowitz, and Nate Katz represented building ownership in both transactions.

Howard Tenenbaum and Gary Rosen of SL Green represented Caissa. There was no outside broker for MET Council.

Built by WKO and designed by Emery Roth & Sons in 1970, 77 Water Street features an open plaza area with whimsical design elements, including honey locust trees, streams, foot bridges and a wood-framed, turn-of-the-century-style candy store.

The crowning jewel is the trademark World War I replica fighter plane on the building’s rooftop.

The tenant roster includes Lewis Brisbois Bisgaard & Smith LLP and Arup.

The building features access to multiple subway lines and ferries, the South Street Seaport, the New York Stock Exchange and world-class shopping and restaurants.

According to Lenchner, only three pre-built units remain available for lease on the 24th floor.

In addition, the team is offering a portion of the 15th floor (12,357 square feet) and a portion of the 16th floor (8,532 square feet), which can be leased together as a duplex with interconnecting stairs or separately.

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