Recruiting Firm, Guardian Life Ink Deals at 199 Water Street
By Sarika Gangar November 14, 2019 10:27 am
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Frank Recruitment Group and Guardian Life Insurance Company have inked deals for space totaling nearly 43,000 square feet at Jack Resnick & Sons’ 199 Water Street in Financial District, Commercial Observer has learned.
The recruiting firm, which specializes in placing IT professionals, signed a deal for 35,454 square feet across the entire 10th floor of the 35-story property, also known as One Seaport Plaza, according to information from the landlord. The company is consolidating its operations, currently spread out across Lower Manhattan, and will make the move in the second quarter of 2020.
Separately, Guardian Life inked a direct lease for 7,515 square feet on a portion of the building’s eighth floor. The firm, which is currently subleasing on the 20th floor, will make its move in the third quarter of 2020.
Asking rents on both deals were in the low $60s per square foot, according to a spokesperson for the landlord. The firm declined to comment on the length of the leases.
“The extra space will allow us to maximize our operation here and take full advantage of the growth we’re currently experiencing across tech recruitment,” said Ian Clark, head of Americas at Frank Recruitment. “We’re looking forward to spreading our wings in this new premises while strengthening our brand down the eastern side of the country.” Since the beginning of last year, the firm has opened offices in tech hubs including Charlotte, N.C., Denver, Scottsdale, Ariz., and Irvine, Calif.
The 1.1-million-square-foot property, located between John and Fulton Streets and bordering the Seaport District, is now 97 percent leased after closing deals over the past year with firms like WeWork, healthcare company Med Review, and nonprofit American Friends of Hebrew University.
“We launched a major leasing campaign at 199 Water Street just over a year ago and couldn’t be more pleased with the results,” said Jonathan Resnick, president of Jack Resnick & Sons, in prepared remarks. “In 2019 alone, we have leased nearly half a million square feet of Class A office space to a wide range of tenants, representing such diverse fields as media, financial services, health care, technology and philanthropy.”
Other major tenants include The Howard Hughes Corporation and Epsilon Data Management.
Seth Hecht of Jones Lang LaSalle represented Frank Recruitment, while Guardian was repped by Joseph Harkins of Cushman & Wakefield.
Jack Resnick & Sons was represented in-house in both deals by Brett Greenberg and Adam Rappaport, along with a C&W agency team of John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon.
Hecht declined to comment. Calls to the brokers at Cushman & Wakefield were not immediately returned.
Update: This story has been updated since publication to include comments from Frank Recruitment.
