Financial services giant GFI Group doubling space at 55 Water St.
Financial services powerhouse GFI Group, a long-standing tenant at 55 Water St. since 2007, is significantly expanding its presence at the location.
The company is not only adding 64,993 square feet but also renewing 63,756 square feet of existing space.
The rental rate at the tower, built in 1972, stands at $59 per square foot, showcasing the cost advantage compared to Midtown and World Trade Center prices.
This move represents a consolidation for GFI, as it transitions from its current 70,000 square feet at 199 Water St.
According to Howard Fiddle, from CBRE, the deal marks the largest direct lease commitment in the area since August 2023. The CBRE team representing the landlord, New Water Street Corporation, included Brad Gerla, Evan Haskell, and William Hooks, while Newmark’s Jared Horowitz and Hall Stein represented GFI.
Prior to the GFI deal, the 4 million square-foot tower along the East River had already secured 200,000 square feet in new leases earlier in the year.
Gerla from CBRE commented, “This expansion is a significant win for both the building and the submarket,” noting that Downtown is set to achieve its highest leasing total since 2019 this year.
The tower currently has 436,000 square feet available, including a rare block of 330,000 square feet.
At SL Green’s 500 Park Avenue, the law firm Rottenstreich Farley Bronstein Fisher Potter & Hodas has converted 18,820 square feet from a sublease to direct space.
Dan Rottenstreich, the managing partner of the law firm, remarked, “500 Park Avenue exudes a unique charm, history, and prime location that makes it feel more like a home than a typical commercial office space – both to us and our clients.”
The building offers a total of 201,000 square feet of luxury office and retail space. Current office tenants include Vera Wang, Tom Ford Fashion, and The Georgetown Company, with an occupancy rate of 90.1%. Rental rates are set at $120 per square foot.
