WeWork Signs Deal for 201,231 SF in Lower Manhattan

NEW YORK CITY—Three tenants signed leases with Jack Resnick & Sons totaling approximately 285,000 square feet at 199 Water St., also known as One Seaport Plaza.

In the largest of the deals, WeWork signed a new, 15-year, 201,231-square-foot lease to occupy the 30th through the 35th floors of the 35-story building. The space includes open views of the New York Harbor, the Brooklyn Bridge and the downtown skyline. The floorplates range from 17,882 to 36,985 square feet. The co-working, flexible office space provider anticipates opening the space to members this summer.

CoStar reports the asking rents in the tower floors at One Seaport Plaza where WeWork is leasing were $62 per square foot.

“In response to the incredible demand we’re seeing from companies wanting to be a part of our community in FiDi, we’re delighted to have secured over 200,000 square feet at One Seaport Plaza,” says WeWork’s chief real estate development officer Granit Gjonbalaj. “This will be one of our largest locations in Manhattan, and a great new addition to our growing portfolio in the area, where we already have six locations that are currently up and running.”

Jack Resnick & Sons was represented in-house in all three transactions by Brett Greenberg and Adam Rappaport, along with a Cushman & Wakefield team led by John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon. WeWork did not use external agency brokers.

In the second lease, the San Francisco-based marketing communications firm W2O Group signed a 58,852-square-foot lease renewal and expansion at the property. As part of the 10-year transaction, the firm is taking an additional 23,398 square feet on part of the 12th floor, while also renewing its 35,454-square-foot space, taking up the entire 14th floor.

Avison Young’s Michael Gottlieb and Martin Cottingham represented W2O Group.

Finally, in the third transaction, the American Foundation for Suicide Prevention signed a new, 15-year, 24,595-square-foot lease for a portion of the 11th floor. Currently located at Silverstein Properties’ 120 Wall St., the nonprofit organization plans to move into the Resnick building later this summer.

Erik Schmall, Scott Weiss and Peter Cipriano of Savills Studley represented AFSP.

The building’s asking rents for these leases on the 11th and 12th floors were $56 per square foot according to CoStar.

“The swift lease-up at 199 Water St. reaffirms its status as one of the premier properties in Lower Manhattan,” says Jonathan Resnick, president of Jack Resnick & Sons. “These new leases speak to the quality of our building, its desirable waterfront location and its highly efficient floorplates, modern infrastructure and responsive, hands-on ownership.”

There is about 165,000 square feet of direct available space left in the building on the seventh through 12th floors where asking rent is $56 per square foot according to CoStar.

Originally built in 1984, One Seaport Plaza underwent a major renovation and repositioning in 2014. Designed by Swanke Hayden Connell the lobby showcases three paintings by artist Frank Stella. With the renovations, glass security turnstiles, a new elevator system and a full-service messenger center were installed.

The property now features updated signage and lighting and an onsite parking garage. Critical building systems were moved to upper floors, and a detachable floodgate system has been added for flood protection. The structure is both LEED and Wired Platinum certified. The owners also point out the location’s close proximity to multiple public transportation options.

Other building tenants include the Howard Hughes Corporation, Epsilon Data Management, BGC Partners and Allied World Insurance Company.