Leases  ·  Office

Justworks Moving to 270K SF at 55 Water Street


A software company that automates payroll, benefits and human resources, Justworks, will move its headquarters to 270,000 square feet at 55 Water Street, brokers on the deal announced today.

Justworks inked a long-term deal to take the entire 27th floor and the 29th to 31st floors of the 53-story building between Broad Street and Old Slip, according to CBRE (CBRE), which represented owner New Water Street Corp. in the lease. The Financial District property has average asking rents of $58 per square feet.

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The tech company has been reportedly in talks for the space at 55 Water Street since March and will move to its new digs in the second quarter of 2020, according to CBRE.

Justworks currently has a 99,000-square-foot office at the Starrett-Lehigh Building at 601 West 26th Street, which it first moved into in August 2017, as Commercial Observer previously reported. The company closed on a $40 million funding round last year and raised a total of $93 million since launching in 2012, TechCrunch reported.

CBRE’s Howard Fiddle, Evan Haskell, Brad Gerla, Dave Caperna and Mary Ann Tighe brokered the deal for the landlord. Chris Helgesen, Peter Trivelas, Dirk Hrobsky and Gary Ceder of Cushman & Wakefield (CWK) handled it for Justworks. Spokespeople for C&W did not immediately respond to a request for comment.

“55 Water Street has historically serviced the financial services industry but is well-positioned to meet the needs of ‘new economy’ tenants, particularly in the tech industry,” Fiddle said in a statement.

Justworks will join insurance provider EmblemHealth, McGraw Hill Financial, pension organization the Teachers’ Retirement System of the City of New York and Hugo Boss in the 3.8-million-square-foot 55 Water Street.