Lease Beat

Allied World Assurance Company Renews at 199 Water Street

Courtesy of structurae.de.

Courtesy of structurae.de.

Allied World AssuranceCompany has renewed and expanded  its lease in lower Manhattan.

The subsidiary of the Swiss-based Allied World Assurance Company will continue to operate its New York office out of the Jack Resnick & Sons-owned 199 Water Street, otherwise known as One Seaport Plaza. The deal changes its its sub-lease on the 24th and 25th floors to a direct lease at the beginning of 2015 and adds the 23rd and 26th floor, totaling 143,297-square-foot in the building. 

The asking rent for the space was $48 per square foot.

“We are delighted that this highly respected global insurance giant, which has been a long-time occupant of 199 Water Street, has chosen to stay and continue to grow its business here,” said Burton Resnick, chairman and chief executive officer of Jack Resnick & Sons, in a prepared statement.

In-house brokers Brett Greenberg and Dennis Brady worked alongside John Cefaly and Robert Constable of Cushman & Wakefield in representing the landlord. Allied World Insurance was represented by Paul Ippolito and Joseph Zona of Newmark Grubb Knight Frank.

Leasing activity in 2013 boarded up the 1.1 million-square-foot building to full occupancy. Recent signings include Epsilon Data Management, which took 34,792-square-feet, and NYCHSRO/MedReview Inc., which took 36,985-square-feet on the 19th floor.

Nearly 180,000-square-foot will hit the market in 2015 when Wells Fargo’s lease ends. The bank initially took five floors in the building but has since subleased its space out to various tenants.

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