Having Recovered From Superstorm Sandy, 199 Water Street Now 100 Percent Leased
The property at 199 Water Street, a 35-story, 1.1-million-square-foot building that was battered by Superstorm Sandy in 2012, is now 100 percent leased after two separate, long-term leases were signed.
BCG Partners, a global financial services company, has signed a 15-year lease that will start on Jan. 1, 2015. It will occupy 79,900 square feet of space on the entire 18th and 19th floors. Before signing a direct lease, BCG Partners had previously subleased space in the building. The company was represented by Newmark Grubb Knight Frank’s Hal Stein and Michael Ippolito in negotiations.
The Howard Hughes Corporation, a real estate development and management company, has also committed to 199 Water Street and will use the space as its East Coast headquarters. The Howard Hughes Corporation has signed a 10-year lease for 36,985 square feet of space that spans the building’s entire 28th floor. CBRE’s Gerry Miovski represented the tenant.
In both deals, Cushman & Wakefield’s John Cefaly and Robert Constable collaborated with building owner Jack Resnick & Sons’ Brett Greenberg and Dennis Brady, who represented the owner of the building.
199 Water Street experienced extensive damage when Superstorm Sandy slammed into Manhattan in 2012. The New York Times reported that the building’s basement was flooded with roughly 8 million gallons of seawater.
“This was probably the most remarkable transformation of a building that was totally devastated by Hurricane Sandy to what it is today,” said Steve Solomon, a spokesman for Jack Resnick & Sons. “It is 100 percent leased, repositioned and redeveloped.”