NYC Education Retirement System Leaves Brooklyn for 55 Water Street
By Rebecca Baird-Remba November 7, 2019 11:03 am
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The New York City Board of Education Retirement System has taken more than 50,000 square feet in the Financial District as it relocates from Downtown Brooklyn, Commercial Observer has learned.
BERS, as it’s known, has subleased 50,992 square feet on the 50th floor of 55 Water Street, according to sources familiar with the deal. The sublease deal with foreign exchange brokerage FXCM will last through May 2026.
The agency, which offers retirement benefits to current and former employees of the New York City Department of Education, the School Construction Authority, and certain participating charter schools, has already begun moving into the 52-story office tower. It is departing from its current office at 65 Court Street, between Livingston and Joralemon Streets in Downtown Brooklyn.
Asking rent in the deal wasn’t disclosed, but asking rents in the building range from $55 to $59 per square foot, as CO has reported.
Jonathan Cope and Brad Gerla of CBRE (CBRE) represented the sublandlord in the deal. Cushman & Wakefield (CWK)’s John Harris and Christine Colley handled the transaction on behalf of BERS. Spokespeople for both brokerages declined to comment on the deal, and a BERS representative also declined to comment.
The 3.6-million-square-foot property between Old Slip and Broad Street is also home to municipal employee union District Council 37, human resources provider Justworks, insurance company EmblemHealth, and the city Teachers’ Retirement System.
