199 Water Street Approaches Full Occupancy Post-Sandy
By Gus Delaporte June 26, 2013 7:30 amreprints
Two leases announced last week have brought 199 Water Street, which was battered last year by Hurricane Sandy, to 97 percent occupancy, with just the 34,792-square-foot 15th floor available at the 1.1-million-square-foot Jack Resnick & Sons property.
The largest of the transactions was NYCHSRO/MedReview Inc.’s 10-year lease for the entire 36,985-square-foot 27th floor. The tenant, a nonprofit medical organization, has been a longtime subtenant in the building but recently signed a direct lease, effective January 1, 2015.
In a new lease, The WeissComm Group has secured the entire 35,454-square-foot 14th floor at 199 Water Street. The public relations agency, which specializes in the healthcare, consumer products and biotech industries, will be relocating downtown from 114 Fifth Avenue.
“We’re delighted that these highly respected companies have decided to make 199 Water Street their home, which we feel is a tribute to both our building and the enduring strength and vitality of Lower Manhattan,” said Burt Resnick, chief executive officer of Jack Resnick & Sons, in a prepared statement.
As reported last month, Cushman & Wakefield was named the exclusive listing agent at 199 Water Street. At the time, Robert Constable told The Commercial Observer that the C&W leasing team had “shaken hands” on a deal at the building, where asking rent on existing space was $46 per square foot.
The property is undergoing an extensive capital improvement plan, a large portion of which is focused on addressing concerns raised by Hurricane Sandy’s impact on Lower Manhattan. As part of the plan, the building’s critical systems are being moved above the ground floor.
Mark Ravesloot and William Iacovelli of CBRE represented NYCHSRO/MedReview Inc. in the transaction. Dennis Brady and Brett Greenberg of Jack Resnick & Sons represented the landlord in-house.
WeissComm Group was represented by Cassidy Turley, while the C&W leasing team of Mr. Constable, John Cefaly and Andrew Peretz represented Jack Resnick & Sons alongside Mr. Brady and Mr. Greenberg.
C&W declined to comment.