Sage Realty Takes Control of Manhattan’s 77 Water Street
- Oct 05, 2017
Sage Realty Corp. is taking full control of 77 Water Street in Manhattan. As of April 1, 2018, the building will convert from a triple-net-lease with Goldman Sachs back to a gross lease.
Owned by The William Kaufman Organization and Principal Real Estate Investors, the 26-story, 600,000-square-foot property features an open plaza area with whimsical design elements including honey locust trees, foot bridges, a candy store and streams. The building is widely known for its trademark World War I replica fighter plane on the rooftop. Located between Old Slip and Gouveneur Lane, 77 Water Street is easily accessible via multiple subway lines and ferries and is situated in close proximity to the New York Stock Exchange and the South Street Seaport.
Sage Realty Corp., WKO’s leasing and management division, made forward commitments with several major tenants, which will go into effect after the subleases with Goldman Sachs expires on March 31, 2018. These include law firm Lewis Brisbois Bisgaard & Smith LLP, which occupies 100,000 square feet from the 18th through 21st floors and engineering consulting firm Arup, which occupies five floors and is expanding by 25,286 square feet on the 25th floor.
“As we embark on this new transition period, we look forward to managing the building to the standards of Sage Realty and delivering the highest levels of service to our tenants and the community at large,” said Jonathan Kaufman Iger, CEO of WKO and Sage Realty Corp., in a prepared statement.
After previously brokering the sale of 777 Third Ave. in Midtown East, Vice President & Director of Leasing at Sage Realty Corp., Michael Lenchner, represented building ownership in-house in both leasing transactions. Jonathan Larsen and Mitti Liebersohn of Avison Young represented Lewis Brisbois Bisgaard & Smith LLP in the long-term transaction, while Ken Fishel and Jessica Jaber of Legacy NY Commercial Real Estate represented Arup in the three-year transaction.
Image courtesy of Sage Realty Corp.