Tech Firm Verra Mobility Signs 57K-SF Sublease at 55 Water Street
By Mark Hallum October 22, 2025 1:58 pm
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A transportation technology firm that manages tolls, traffic violations and vehicle registrations is subleasing office space in Lower Manhattan, Commercial Observer has learned.
Verra Mobility signed a 10-year, 57,149-square-foot sublease at 55 Water Street, owned by the Retirement Systems of Alabama. The office will serve as the company’s Northeast headquarters once Verra moves out of a temporary location on Broad Street, according to sources.
Asking rent for the subleased space on the second floor of the building was not disclosed, but average Lower Manhattan asking rent in the third quarter of 2025 was $57.95 per square foot, according to a report from CBRE.
Verra is subleasing the space from the Health Insurance Plan of Greater New York.
Newmark‘s Ira Rovitz, Chris Ventura and Rohan Kapoor handled negotiations for Verra while CBRE’s Paul Haskin represented the sublandlord.
Newmark declined to comment while CBRE did not immediately provide a comment.
Other tenants in the 53-story building include engineering consultancy Jaros, Baum & Bolles, which signed for 67,963 square feet in June, and telecommunications service provider MetTel, which expanded to 69,000 square feet in April.
Mark Hallum can be reached at mhallum@commercialobserver.com.
