The New York Metropolis Board of Schooling Retirement System is making a long-term guess on Downtown Manhattan.
The pension system, also called BERS, signed a 78,000-square-foot lease at 55 Water Street, increasing its footprint on the sprawling Monetary District workplace tower and committing to the constructing for the following three a long time, in response to CBRE.
BERS already occupies 51,000 sq. toes on the constructing’s fiftieth ground as a subtenant. Beneath the brand new settlement, it can take all the fiftieth ground and add a ground-floor retail presence by a 30-year direct lease with the owner, the Retirement Programs of Alabama. The asking lease was not disclosed.
A CBRE group together with Howard Fiddle, Bradley Gerla and Evan Haskell represented the proprietor. Savills’ Marc Shapses represented BERS.
The deal marks one other leasing win for 55 Water Avenue, the 4 million-square-foot workplace complicated that has emerged as one in all Downtown’s extra lively buildings because the neighborhood works its manner again from the pandemic-era hunch. Tenants have inked offers for roughly 275,000 sq. toes of leasing on the property over the previous 18 months, in response to CBRE. The 53-story tower options the Elevated Acre, a one-acre public park perched 40 toes above the streets of Decrease Manhattan.
The lease provides to a string of latest transactions on the tower. Final fall, brokerage providers agency GFI Group renewed its 64,000-square-foot lease and expanded by one other 65,000 sq. toes, bringing its complete footprint to roughly 129,000 sq. toes. Telecommunications supplier MetTel expanded to 69,000 sq. toes earlier within the 12 months, whereas engineering consultancy Jaros, Baum & Bolles signed a 68,000-square-foot lease. Transportation know-how agency Verra Mobility additionally took a 57,000-square-foot sublease within the constructing.
Downtown leasing has gained momentum because the first quarter, although it nonetheless trails Midtown’s tempo. Availability has tightened 4 % 12 months over 12 months, rents have climbed above $61 per sq. foot, and the market posted almost 1.8 million sq. toes of leasing exercise by the primary 5 months of the 12 months, in response to CBRE.
