Allied World Insurance Company has signed a 143,297 s/f lease at Jack Resnick & Sons’ 199 Water Street.
The insurer – currently a subtenant in the building – will occupy four floors, from the 23rd to 26th, when the new direct lease,commences on January 1, 2015.
“We are delighted that this highly respected global insurance giant, which has been a long-time occupant of 199 Water Street, has chosen to stay and continue to grow its business here,” stated Burton Resnick, Chairman and CEO of Jack Resnick & Sons.
Paul Ippolito and Joseph Zona of Newmark Grubb Knight Frank represented Allied World Insurance in the 16-year leasing transaction, while a Cushman & Wakefield team of John Cefaly and Robert Constable worked alongside Brett Greenberg and Dennis Brady of Jack Resnick & Sons to represent the building’s owner.
The current asking rent at the office tower is $48 a foot, which is presently 100% leased. Approximately 180,000 square feet of space across five floors will become available effective January 1, 2015 when floors currently under lease to Wells Fargo, but occupied by subtenants, come
to market.
In the past six months over a quarter million square feet of new leasing transactions have been consummated at 199 Water Street, making it one of the most active downtown towers post-Sandy.
As part of restoration and repositioning efforts, a new Swanke-Hayden Connell- designed lobby has been completed and features new glass security turnstiles, a destination-based elevator system and upgraded signage and lighting.
All building infrastructure has been relocated to the third and fourth floors and a detachable floodgate system can be installed at critical building entrances in advance of another super-storm. Additional amenities planned for this year include a bike concierge and new mens’ and ladies locker rooms with showers.
Some of the major tenants at 199 Water Street, which is located adjacent to the South Street Seaport and near the new Fulton Transit Center, include AON Service Corp., Epsilon Data Management, W2O Group, BGC, SCOR Insurance and Tullet Prebon Americas.
