Western Union, which currently leases a 29th floor space at 199 Water Street as a subtenant of Wells Fargo, will now lease it directly from landlord Jack Resnick & Sons, Commercial Observer has learned.
The worldwide global payment services company’s new 10-year direct lease of 20,689 square feet in the 1.1 million-square-foot lower Manhattan building will start on Jan. 1. Asking rents were in the high $40s per square foot.
“We are delighted that this legendary financial services company has chosen to remain and grow its business at 199 Water Street,” Burton Resnick, chairman and CEO of Jack Resnick & Sons, said in a prepared statement.
Michael Gottlieb of Avison Young represented Western Union in the transaction, and Cushman & Wakefield‘s John Cefaly and Robert Constable worked alongside Brett Greenberg and Dennis Brady of Jack Resnick & Sons to represent the building’s owner.
Other tenants in the building include AON Service Corp., Epsilon Data Management, W2O Group, BGC, SCOR Insurance and Tullet Prebon Americas. Another tenant is Allied World Insurance, which is doubling its presence to 144,000 square feet next year.
None of the brokers responded to requests for comment.