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Deals & Dealmakers

EmblemHealth renews 440,000 s/f lease at 55 Water Street

EmblemHealth, one of the nation’s largest non-profit health insurers, has renewed its 440,000 s/f for 15 years at 55 Water Street, the Lower Manhattan property which has served as the company’s headquarters since 2003.

BRIAN GIVEN

EmblemHealth was represented by a team from Colliers International consisting of Vice Chairman Brian Given, Executive Director Sheena Gohil and Executive Managing Directors Steve Jaray and Tom Shirocky.

Howard Fiddle, Vice Chairman at CBRE, represented the building’s owner, New Water Street Corp along with his colleagues Dave Caperna, Brad Gerla, Evan Haskell and Mary Ann Tighe.

“EmblemHealth has called 55 Water Street home for many years and we are excited to be extending our commitment,” said Beth Leonard, Chief Marketing and Communications Officer.

“The site provides our team with a collaborative workplace environment from which to support our continued growth and enhance our ability to serve our more than 3 million members across New York, Connecticut and New Jersey.”

“As one of the largest and most important real estate investments for The Retirement Systems of Alabama, we always take great pride when our existing tenants reinvest in their premises and continue the partnership like relationship we maintain with our corporate occupants,” said Dan Palino, COO of NWSC which owns 55 Water.

HOWARD FIDDLE

At nearly four million square feet, 55 Water Street currently stands as the largest office building in New York City by floor area and the second largest privately-owned office building in the United States.

The property features large, full-floor plates that range up to 69,500 s/f. The design allows for an open office plan that can accommodate multiple layouts.

55 Water Street features two on-site parks, multiple dining options, a new sky bar and beer garden, a sundry and convenience shop, shoe shine and parking for bikes and cars (whether gas or electric powered).

The building also boasts a newly renovated, light-filled, WiFi enabled lobby with digital screens dispensing news and information above the reception desk. Additional enhancements include a new visitor center, improved lighting and new directional signage.

The property offers access to mass transit, located just steps away from trains, commuter buses and the New York City Ferry’s Pier 11/Wall St. terminal.

“We’re pleased to continue our relationship supporting EmblemHealth since signing their original lease at 55 Water Street,” said Colliers’ Given. “As a leader in the health and wellness space, we recognized the company’s need for a space that could offer employees flexibility, privacy and diversity in terms of layout. This building fits all of EmblemHealth’s criteria and continues to offer upgrades that accommodate tenants’ shifting needs, making the decision to renew an easy one for both parties.”

Fiddle of CBRE added, “55 Water is a spectacular institutionally owned office building with extremely large and efficient floorplates that are complimented with a plethora of desirable amenities in addition to wonderful views. We are very pleased to know that EmblemHealth will be an important tenant in the building for many, many years.”

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