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Deals & Dealmakers

WeWork inks 200,000 s/f deal at downtown tower

Jack Resnick & Sons announced that three tenants have signed new leases and expansions totaling approximately 285,000 s/f at One Seaport Plaza/199 Water Street, its trophy 35-story, 1.1 million square-foot downtown property.

In the largest transaction, collaborative workspace provider WeWork has signed a new 15-year, 201,231 s/f lease covering five full floors in the tower of the building. The space, located on the 30th through 35th floors, features sweeping views of the New York Harbor, the Brooklyn Bridge, and the downtown skyline.

San Francisco-based marketing communications firm W2O Group has signed a 58,852 s/f lease renewal and expansion at the property. As part of the 10-year transaction, the firm is taking an additional 23,398 s/f on a portion of the 12th floor, while also renewing its 35,454 square-foot space on the entire 14th floor.

Resnick has also completed a new 15-year, 24,595 s/f lease on a portion of the 11th floor with nonprofit organization the American Foundation for Suicide Prevention (AFSP). The AFSP, which is currently located at 120 Wall Street, expects to relocate to 199 Water Street in summer 2019.

“The swift lease-up at 199 Water Street reaffirms its status as one of the premier properties in Lower Manhattan,” said Jonathan Resnick, President of Jack Resnick & Sons. “These new leases speak to the quality of our building, its desirable waterfront location and its highly efficient floorplates, modern infrastructure and responsive, hands-on ownership.”

Jack Resnick & Sons was represented in-house in all three transactions by Executive Managing Director Brett Greenberg and Managing Director Adam Rappaport, along with an agency team from Cushman & Wakefield led by John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon.

Michael Gottlieb and Martin Cottingham of Avison Young represented W2O Group, while Erik Schmall, Scott Weiss and Peter Cipriano of Savills Studley represented AFSP. There was no outside representation for WeWork.

Following a major renovation and repositioning in 2014, 199 Water Street has played a major role in the transformation of the Lower Manhattan commercial market. The building’s Swanke Hayden Connell designed lobby, which features three paintings from the renowned artist Frank Stella, includes new glass security turnstiles, a destination-based elevator system and a full service messenger center.

The property has also benefited from upgraded signage and lighting and features an executive in-building parking garage, tenant dedicated bike and locker rooms. In addition, critical building systems are located on upper floors, and a detachable floodgate system has been installed at key building entrances for flood protection. It also benefits from close proximity to the South Street Seaport, Fulton Transit Center, the World Trade Center Transportation Hub, NY Waterway ferries and water taxis, Citi Bike terminals, and the free Downtown Connection Bus.

The building tenant roster features The Howard Hughes Corporation, Epsilon Data Management, BGC Partners, and Allied World Insurance Company. Built in 1984, it is LEED certified from the U.S. Green Building Council (USGBC) and Wired Certified Platinum for excellence in internet connectivity.

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