Metroloft, in partnership with Newmark Knight Frank (NKF), has unveiled its plans for a newly revamped 175 Water Street in Lower Manhattan.
Slated for delivery in 2022, the re-imagined 700,000 s/f former AIG headquarters building is being redesigned by architectural firm Gensler to preserv original details while adding an elevated lobby and overall design with curated amenities to include a roof deck, conference center and gym.
NKF’s President of the Tri-State Region David Falk, Executive Managing Director Andrew Sachs and Director Jonathan Franzel are the exclusive leasing agents on the property.
“For the past 25 years, Metroloft has had the privilege of remastering some of the most iconic buildings in downtown Manhattan’s Financial District from commercial properties into elegant multi-family luxury rentals,” said Nathan Berman, Principal of Metroloft.
“We are delighted to announce our first office-to-office redevelopment of an exemplary 700,000-square-foot asset situated atop the vibrant South Street Seaport. Our vision for 175 Water is to bring our unique architectural talents to design and rediscover a thoughtfully curated workplace for the future.”
Metroloft is most widely known for its work in the commercial to residential conversion market and is taking that skillset to the office sector for the first time.
The firm has developed over five million square feet, and some of the most notable condominiums and rental buildings in Lower Manhattan including 20 Broad Street, 443 Greenwich and 180 Water Street.
“With this recent work-from-home environment, we believe that going forward there will be a strong market of people wanting their workspace to better reflect a feeling of home,” said Andrew Sachs of NKF.
“Metroloft’s residential experience gives them valuable insight into crafting amenities and workspaces that incorporate a personal touch. This is a once-in-a-lifetime opportunity for companies looking for new space where they can have a completely reimagined asset built out quickly and tailored to their needs.”
The redeveloped property will include exterior upgrades as well as a new ground floor pavilion for retail, modernized infrastructure with destination dispatch elevators, a newly designed expanded building lobby and entrance, an on-site market café as well as a coffee and speakeasy bar.
There will also be an opportunity for two separate, dedicated entrances for large users.
“The Metroloft team has taken advantage of the DCP Water Street Upgrades Initiative to completely transform 175 Water’s street frontage and enhance its presence in this dynamic, rapidly changing neighborhood,” said Robert Fuller, principal, Gensler.
“Combined with the planned infrastructure upgrades, the amenity package, and its already prominent location, we believe this property will be a very attractive option for tenants seeking unique, Class A office space.”
The developer aims to achieve WELL Building Certification with a Platinum WiredScore.
American International Group (AIG) is relocating its global headquarters to 1271 Sixth Avenue in the Rockefeller Center ahead of the expiration of its lease in 2021.
Metro Loft Management acquired 175 Water Street in September 2019 for $270 million.