NEW YORK CITY—After undertaking an extensive study of the area'soffice market, the Teacher's Retirement System of the Cityof New York found it liked 55 Water St. just fine.

TRS not only renewed its lease at the 53-story,3.8-million-square-foot property but is also expanding its presencethere. The 20-year lease renewal transaction calls for TRS to nowoccupy 191,138 square feet at the downtown office building. Theorganization will reside in a portion of the 18th floor of theproperty, the second floor and the entire 16th and 17th floors.

With the addition of part of the 18th floor, TRS is able toprovide more space on the second floor to enhance its MemberService Center. The new lease enables TRS to remain in the buildinguntil the year 2039, according to Savills Studley, which arrangedthe transaction on behalf of TRS.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.