WeWork Nabs Over 200K SF at 199 Water Street

Marketing firm W2O Group and a suicide prevention nonprofit sign for roughly 59,000 square feet and 25,000 square feet, respectively

reprints


WeWork  is opening a seventh location in the Financial District, Commercial Observer has learned. The flexible-office company signed a 15-year lease for 201,231 square feet at Jack Resnick & Sons199 Water Street, also known as One Seaport Plaza, according to information from WeWork.

SEE ALSO: Recruiting Firm, Guardian Life Ink Deals at 199 Water Street

They will occupy the top six floors of the  35-story office building, and are scheduled to open in the summer of 2019, according to information from the flexible-office company.

Two other tenants signed at the building as well for a total of 285,000 square feet, according to a release from Resnick. A spokeswoman for Resnick declined to provide asking rents.

Marketing firm W2O Group is renewing its lease at the building, and expanding, taking a total of 58,852 square feet for a 10-year term. Previously the company occupied the entire 14th floor, spanning 35,454 square feet, and will now have additional space on the 12th floor.

The nonprofit organization the American Foundation for Suicide Prevention (AFSP) will take  a 24,595-square-foot space on the 11th floor of the building. The nonprofit plans to relocate from its current location at 120 Wall Street in the summer of 2019, per Resnick’s release.

“In response to the incredible demand we’re seeing from companies wanting to be a part of our community in FiDi, we’re delighted to have secured over 200,000 square feet at One Seaport Plaza,” Granit Gjonbalaj, WeWork’s head of real estate development, said in a prepared statement.

Resnick was represented in-house by Brett Greenberg and Adam Rappaport, along with a Cushman & Wakefield team of John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon. WeWork was represented in-house; W2O Group was represented by Avison Young’s Michael Gottlieb, Martin Cottingham, Justin Dziama and Matt Pynn; while Erik Schmall, Scott Weiss, Brad Wolk and Peter Cipriano of Savills Studley represented AFSP.

Cushman’s Cefaly said that the building had space to fill after insurance giant Aon Corp., which had occupied 400,000 square feet, left in 2016. Cefaly said they were in talks with several more tenants, and would soon be closing several more deals at the building.

Weiss, of Savills Studley, said that because of AFSP’s recent growth, they were looking to expand. “Following an analysis of numerous options in Lower Manhattan, 199 Water emerged as the best fit,” he said.

The 1.1 million-square-foot building located between John and Fulton Streets was built in 1984 and underwent a renovation in 2014.

Jonathan Resnick, the president of Jack Resnick & Sons, said in prepared remarks that the building’s swift lease-up “reaffirms its status as one of the premier properties in Lower Manhattan.” 

A spokesman for Avison Young declined to comment.