Teachers’ Retirement System Expanding HQ in Lower Manhattan
Pension organization the Teachers’ Retirement System of the City of New York (TRS) signed a 20-year early renewal and expansion for its headquarters at 55 Water Street in Lower Manhattan.
TRS will occupy 191,138 square feet of the 53-story, 3.8-million-square-foot office building between Broad Street and Old Slip. The pension system is adding a portion of the 18th floor of the property with the new lease. It already occupies the entire 16th and 17th floors and part of the second floor with its current 160,000-square-foot lease, which was set to expire in 2019, as The Wall Street Journal reported.The asking rent in the deal was $58 per square foot.
“After searching the entire market, including a study of where TRS membership lives, we utilized TRS’ longtime relationship in the building to create a win-win for both parties,” Marc Shapses of Savills Studley, who represented TRS in the deal with colleagues Ira Schuman, Oliver Petrovic, William Montana and Kurt Handschumacher, said in prepared remarks.
TRS will also upgrade its member services area on the second floor, according to a Savills Studley news release. Landlord New Water Street Corp. was represented by a CBRE team of Mary Ann Tighe, Howard Fiddle, Evan Haskell, Brad Gerla and David Caperna.
“We are pleased that TRS has extended its commitment to downtown and 55 Water Street for another two decades,” George Acero, the chief operating officer of New Water Street Corp., said in a statement. “This is a reflection of the confidence in the Lower Manhattan market, the quality of our amenities and services and our unmatched waterfront location.”
Other major tenants in the building include McGraw Hill Financial, EmblemHealth and Hugo Boss.