Office space provider Regus has signed a 10-year lease renewal at Alex Rovt’s 14 Wall Street for 37,000 square feet across the building’s entire 20th floor.
The deal, arranged by CBRE at asking rents of $45 per square foot, comes as brokers said the building’s appeal, paired with the rebirth of Downtown, has tenants giddy to enter the rapidly growing market while they can.
“It’s a great location and the ownership has done a great job of keeping the building up to date and with amenities that make it a first class building,” said CBRE’s Brad Gerla, who represented the landlord with Evan Haskell, Zak Snider and Howard Fiddle.
Last year, health insurance company Amerigroup consolidated its offices into its new 165,000-square-foot headquarters, rolling into town just as a full-on revival of the Downtown market began to play out.
Today it’s in full bloom, with 4 World Trade Center opening this week, 1 World Trade Center officially earning its title as the country’s tallest, a revamped Brookfield Place soon coming online, and a plethora of tech and other tenants seeing newfound value in the submarket.
“The economics for these tenants to come downtown is still very compelling,” Mr. Gerla said.
Regus is well aware, also reportedly signing a 15,000-square-foot lease on the 36th floor of 1250 Broadway earlier this year, which followed a string of leases that further expanded its broad footprint across the city and Downtown, earlier cutting leases at 101 Sixth Avenue and Brookfield Place.
Scott Sloves and Mark Ravesloot of CBRE represented the tenant in the deal at 14 Wall Street. Crain’s first reported on the new lease.