Telecom Provider MetTel Expands to 69K SF at 55 Water Street

Telecommunications service provider MetTel has expanded its Financial District footprint.

MetTel, which was a subtenant at the 53-story 55 Water Street until it signed a direct deal in 2023 for 50,579 square feet, has signed a new lease to renew its space for another year and tack on another 18,443 square feet, according to the company and landlord Retirement Systems of Alabama.

The deal brings MetTel’s total presence to roughly 69,000 square feet and its lease term at the building to 13 years, according to the New York Business Journal, which first reported the news.

The company is adding to its New York City footprint to “support [its] continued growth in managed network and mobility services” and to help “stay at the cutting edge of communications technology and continuously improve client experience,” MetTel CEO Marshall Aronow told NYBJ.

The brokers involved and asking rent were unclear, but a report from Newmark found office rents in Lower Manhattan averaged $58.01 per square foot during the first quarter of 2025.

News of the expansion comes after MetTel was awarded $2.2 million in state funding from Gov. Kathy Hochul in June 2023 to “extensively renovate” its 55 Water Street headquarters and create at least 100 new full-time jobs in software development and professional services, according to a release.

“MetTel is excited to renew its commitment to the city that has been instrumental in our success,” Aronow said in a statement when the funding was announced. “With our continued presence in the heart of Manhattan, we look forward to fostering stronger partnerships and delivering even greater value to our clients.”

Other tenants of the building overlooking the Pier 11-Wall Street ferry terminal include The Legal Aid Society, nonprofit health care system MJHS Health System, the New York City Board of Education Retirement System and human resources service Justworks.

Isabelle Durso can be reached at idurso@commercialobserver.com.