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Deals & Dealmakers

CBRE, Cushman arrange 270,000 s/f Justworks deal at 55 Water

Justworks, the fastest-growing HR technology company in the country, has committed to a long-term headquarters lease at 55 Water Street.

In a transaction arranged by CBRE, Justworks signed a 270,000 s/f lease at the 3.8-million-square-foot downtown office complex, relocating and more than doubling its office space to account for continued growth.

Beginning in the second quarter of 2020, Justworks will relocate from the Starrett-Lehigh building at 601 West 26th Street to occupy the entire 27th floor of 55 Water Street, as well as floors 29-31.

“This long-term commitment is a first for Justworks and a testament to our proven success in delivering on our mission to help entrepreneurs and businesses grow with confidence,” said Isaac Oates, founder and CEO of Justworks.

“As we look to support even more growing businesses across the U.S., we will be expanding our team significantly to continue to provide the high-quality experience that customers have come to expect from us. Having gotten our start in Downtown Manhattan seven years ago, we are proud to call 55 Water Street home for the next phase of our journey.”

CBRE’s Howard Fiddle, Evan Haskell, Brad Gerla, Dave Caperna and Mary Ann Tighe represented building owner New Water Street Corp., a subsidiary of the Retirement Systems of Alabama, in the transaction.

The average asking rent at the recently repositioned complex is $58 per square foot.

“Justworks commitment further demonstrates the strong demand by top firms for quality office space in the Downtown Manhattan office market, which has become a hotbed for activity among creative and technology firms,” said Dan Palino, COO at New Water Street Corp.

“55 Water Street’s large floor plate size, excellent infrastructure, back-up power and long hours of operation were key factors in the
company’s decision to relocate and expand to the building.”

Chris Helgesen, Peter Trivelas, Dirk Hrobsky and Gary Ceder of Cushman & Wakefield represented Justworks in the negotiations.

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