MJHS Health System Takes 138K SF at 55 Water Street

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The nonprofit health care system, MJHS Health System, has inked a 30-year deal for 138,374 square feet at 55 Water Street

MJHS took the entire 46th and 47th floors of the 52-story Financial District property, consolidating its Brooklyn and Manhattan offices to the 3.8 million-square-foot building owned by the Retirement Systems of Alabama, according to CBRE, which represented the landlord and the tenant in the deal. A CBRE spokesperson declined to disclose the asking rent. 

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“Fifty-five Water is one of the most attractive office addresses in Downtown Manhattan, offering MJHS and its employees an unsurpassed, amenity-rich workplace with ready access to transportation,” Howard Fiddle, who represented the landlord with Brad Gerla, Evan Haskell and Mary Ann Tighe, said in a statement.

MJHS’ move downsizes the company’s New York City footprint by 20 percent, according to its president, David Wagner. The firm decided to relocate to the Downtown building to be closer to public transportation and plans to keep an office in Brooklyn and in Garden City, Long Island.

“Improving quality of life for our employees, offering access to more public transportation, bringing our staff together to support greater collaboration, and remaining fiscally responsible, were key priorities in seeking new office space,” Wagner said in a statement. “Continuing to conduct our office search and negotiating during the pandemic also helped us achieve favorable terms.”

MJHS did not immediately respond to a request for comment. 

The firm’s new home, between Old Slip and FDR Drive, also houses the New York City Board of Education Retirement System — which subleased space from foreign exchange brokerage firm FXCM until May 2026 — the city union District Council 37, insurance company EmblemHealth and the Teachers’ Retirement System of the City of New York

CBRE’s Christopher Mansfield, Harly Stevens and Zachary Weil handled the deal for MJHS.

Celia Young can be reached at cyoung@commercialobserver.com.