The rental rate for the 11-year lease was not disclosed but according to CB Richard Ellis' February market report, office space in this downtown area leases at an average of $43 per sf.

QBE renewed its lease on 57,000 sf and expanded to take an additional 76,000 sf at the 32-story 88 Pine St. property. CBRE's Eric Yarbro tells GlobeSt.com that QBE's previous lease was set to expire in 2016. The expansion was necessary because QBE acquired the Praetorian Financial Group in December and needed a space to house the additional staff. According to QBE executives 200 more employees will be housed in the new space.

"Our roots are based in New York, so we're very pleased with the opportunity to continue to maintain our headquarters here while also welcoming Praetorian into our space," says Tim Kenny, QBE the Americas' president and CEO, in a statement.

CBRE's Yarbro, Jonathan Cope and David Burton represented QBE while Cushman & Wakefield's Frank Cento and Robert Constable represented Orient Overseas Associates, the building's owner.

"Our client wanted to maintain its Downtown headquarters, but required additional space for a newly acquired entity. We were able to work closely with the ownership's reps to fashion a deal that made the best sense for all parties involved," Yarbro says. "Downtown's dramatic rent differential compared to Midtown, coupled with the city and state's Lower Manhattan initiatives helped in QBE the Americas' decision to expand its presence in the property."

Wall Street Plaza's other tenants include Ford Marrin Esposito Witmeyer & Gleser LLP., the Holborn Corp., Shepardson Stern & Kaminsky LLC and Willis North America Inc.