WeWork Leases 200 KSF in Lower Manhattan
- Mar 01, 2019
Three new tenants have inked new leases, renewals and expansions totaling approximately 285,000 square feet at 199 Water St., also known as One Seaport Plaza. Jack Resnick & Sons is the developer and owner of the 35-story, 1.1 million square-foot Lower Manhattan property.
WeWork, Manhattan’s largest private office tenant, has signed a new 15-year, 201,231 square-foot lease for the top six floors of the building. The future coworking space, covering from the 30th through 35th floor, is the seventh WeWork location in the New York City Financial District.
Marketing company W2O Group has renewed its lease for the entire 14th floor, encompassing 35,454 square feet, and added a 23,398 square-foot portion on the 12th floor. The 10-year transaction now covers 58,852 square feet at the property. The American Foundation for Suicide Prevention is the third new tenant at 199 Water St., with a 15-year, 24,595 square-foot lease on a portion of the 11th floor. The nonprofit organization, currently located at 120 Wall St., intends to change address in the summer of 2019.
Prime location and building
The property, located between John and Fulton streets, is easily accessible due to its proximity to the South Street Seaport, Fulton Transit Center, World Trade Center Transportation Hub, NY Waterway ferries and water taxis, Citi Bike terminals and the free Downtown Connection Bus.
Constructed in 1984 and fully renovated in 2014, the office building features new glass security turnstiles, a destination-based elevator system, messenger center and in-building parking garage. The safety features include the placing of critical building systems on upper floors and a detachable floodgate system installed at key building entrances for flood protection. The property is LEED certified and has also received the Wired Certified Platinum rating for excellence in internet connectivity.
As of last month, WeWork, W2O and AFSP are on the building’s tenant roster, which also includes The Howard Hughes Corp., Epsilon Data Management, BGC Partners and Allied World Insurance Co.
In all three transactions, Jack Resnick & Sons had in-house representation from Brett Greenberg and Adam Rappaport, along with a Cushman & Wakefield team led by John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon. Michael Gottlieb and Martin Cottingham of Avison Young assisted W2O Group, while Erik Schmall, Scott Weiss and Peter Cipriano of Savills Studley worked on behalf of AFSP. WeWork had no outside representation.
Image courtesy of Jack Resnick and Sons