Owner and manager New Water Street Corp. said the lease agreement was negotiated by CBRE Group Inc., who represented the owner, and Cresa, who represented the tenant and was the city’s first major downtown lease in one of the areas hardest hit by Hurricane Sandy.
At 54 stories and 3.8 million square feet, 55 Water Street is New York City’s largest office building and the second largest privately owned office building in the country.
The deal, which includes 130,000 s/f of space on two floors, doubles Liberty Mutual’s footprint at 55 Water Street, demonstrating the company’s commitment to the building as well as the downtown community.
The transaction is another sign of the success that landlords of Sandy-stricken downtown buildings are having in convincing tenants to renew and in some cases even expand their offices, according to Harry Bridgwood, an an executive at New Water Street Corp.
The landlord invested close to $200 million in repairs and storm-proofing measures to prevent damage from future storms following Hurricane Sandy.
“We’ve invited tenants to see what we’re planning and the work we’re doing so they can be assured,” said Bridgwood, who led 55 Water Street’s restoration team.
The work, which he said included the relocation of critical infrastructure and electrical systems to building’s third floor, has eased any lingering concerns about the property’s vulnerability to future storms.
According to Brad Gerla, executive vice president of CBRE who represents 55 Water, “The building now features an extraordinarily advanced technological infrastructure and features multiple redundancies in every major operating system from electric, HVAC, and telecom to life safety and security. 55 Water Street remains a premier downtown address for any organization.”
Asking rent for 55 Water Street is competitive with current Midtown rates at approximately $40 psf. The CBRE team representing 55 Water Street includes Mary Ann Tighe, CEO, Howard Fiddle, vice chairman and Evan Haskel, vice president.
next post
