GFI Group is doubling down on 55 Water Street, a lift for the beleaguered Downtown Manhattan submarket.
The brokerage providers agency renewed its 64,000-square-foot lease for the whole tenth ground of the 53-story Monetary District tower and added one other 65,000 sq. ft on the eleventh ground, in keeping with CBRE. The transfer will permit GFI to consolidate operations from from 199 Water Avenue, the place it has maintained a separate footprint.
The agency, which was acquired in 2015 by Howard Lutnick’s GFI Group, has been a tenant on the 4 million-square-foot Class A constructing since 2007. The asking lease was $59 per sq. foot, per the New York Post, which first reported the deal.
CBRE’s Howard Fiddle, Bradley Gerla, Evan Haskell and William Hooks represented the owner, the Retirement Techniques of Alabama. Newmark’s Jared Horowitz and Hal Stein represented GFI.
The constructing has been residence to a number of massive lease offers this yr. In April, telecommunications service supplier MetTel expanded to 69,000 sq. ft. Two months later, engineering consultancy agency Jaros, Baum & Bolles signed on for 68,000 sq. ft. In October, transportation expertise agency Verra Mobility signed a 57,000-square-foot sublease from EmblemHealth.
Downtown is slowly clawing its means again from the pandemic, properly behind the surging Midtown and Midtown South markets. This yr’s leasing exercise clocked 3.7 million sq. ft by October, up 89 % year-over-year, per CBRE. Web absorption was 254,000 sq. ft. in October, bringing the year-to-date complete to 1.45 million sq. ft.
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