NY State’s Office of General Services Takes 44K SF at 1 New York Plaza

The New York State Office of General Services (OGS) has signed a 10-year, 44,000-square-foot lease at 1 New York Plaza, according to a second-quarter report from the Alliance For Downtown New York, a nonprofit group that manages the business improvement district.

OGS signed the lease on behalf of the New York State Office of Information Technology Services (ITS), which will occupy the building’s 31st floor.

“Opening in fall 2025, the new 44,000-square-foot office will enable ITS to recruit new tech talent in the New York City area and strengthen the agency’s capability to better serve New York,” OGS said in a statement to Commercial Observer. “The new office space will include all areas of ITS operations including [chief information security officer], digital experience, enterprise networking, and support services along with space for training and staff onboarding.”

Brookfield’s 1 New York Plaza — also known as 1 Water Street — is a 50-story tower with 2.58 million square feet of Class A office space. The Financial District building opened in 1970, and offers floor plates of up to around 46,000 square feet. Brookfield recently spent $15 million to renovate the building’s retail concourse.

The asking rent on this latest lease was unavailable. A CRED iQ article about a 2022 bankruptcy filing by Revlon, a tenant in the building, found that its rent at the time was $55.98 per square foot, and that this rent was “among the highest of all the tenants at 1 New York Plaza.” According to the piece, Revlon as of 2022 occupied 107,121 square feet in the building over three separate floors on a lease that expires in June 2030. 

CBRE‘s Steve Siegel, Rocco Laginestra and Liz Lash represented OGS in the transaction; Brookfield was represented in-house.

Other tenants at 1 New York Plaza include Morgan Stanley, sustainable architecture and interior design firm Spacesmith and the law firm Fried Frank.

On the New York State website, OGS is listed as a tenant at the Adam Clayton Powell Jr. State Office Building at 163 West 125th Street in Harlem. 

Brookfield did not immediately respond to requests for information.

Larry Getlen can be reached at lgetlen@commercialobserver.com.

UPDATE: This article has been updated to include new information and a statement from OGS.