NEW YORK CITY—After undertaking an extensive study of the area's office market, the Teacher's Retirement System of the City of 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 presence there. The 20-year lease renewal transaction calls for TRS to now occupy 191,138 square feet at the downtown office building. The organization will reside in a portion of the 18th floor of the property, the second floor and the entire 16th and 17th floors.
With the addition of part of the 18th floor, TRS is able to provide more space on the second floor to enhance its Member Service Center. The new lease enables TRS to remain in the building until the year 2039, according to Savills Studley, which arranged the transaction on behalf of TRS.
Ranked as one of the largest downtown lease deals in the fourth quarter f this year, the deal calls for capital improvements and renovations of TRS¹ office space. The work will include a full build-out of the 18th floor, an upgrade to the member services area on the second floor and other improvements to its entire space at the property.
A Savills Studley team of Ira Schuman, Marc Shapses, Oliver Petrovic, Bill Montana and Kurt Handschumacher represented the tenant in the transaction. Howard Fiddle, Evan Haskell, Brad Gerla, David Caperna and Mary Ann Tighe of CBRE represented the landlord, New Water Street Corp. Asking rents were $58 per square foot, Savilis Studley reports.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
