Financial providers large GFI Group doubling space at 55 Water St. | Real Estate Market Insights

Financial providers large GFI Group, which has been a tenant at 55 Water St. since 2007, is more than doubling its space there.

The firm is increasing by 64,993 sq. ft and also renewing 63,756 sq. ft.

The rent at the 1972-vintage tower was $59 per sq. foot, reflecting the typical differential over costs in Midtown and at the World Trade Center. 

GFI’s rent at the 1972-vintage tower was $59 per sq. foot

The further space represents a consolidation by GFI  from 199 Water St., the place it had 70,000 sq. ft.

GFI’s long-term dedication at 55 Water is the largest direct lease in the district since August 2023, according to Howard Fiddle, chief of a CBRE team representing landlord New Water Street Corporation that included Brad Gerla, Evan Haskell and William Hooks. Newmark’s Jared Horowitz and Hall Stein repped GFI.

The huge, 4 million square-foot tower overlooking the East River noticed 200,000 sq. ft of leasing previous to the GFI deal earlier this yr.

55 Water St. has 436,000 sq. ft out there,

CBRE’s Gerla said, “This expansion is a big win for both the building and the submarket.” He famous that Downtown is on tempo for its largest leasing whole this yr since 2019.

The tower has 436,000 sq. ft out there, including a uncommon block of 330,000 sq. ft.

Rottenstreich Farley Bronstein Fisher Potter & Hodas transformed 18,820 sq. ft from a sublease to direct space at SL Green’s 500 Park Avenue.

Law firm Rottenstreich Farley Bronstein Fisher Potter & Hodas transformed 18,820 sq. ft from a sublease to direct space at 500 Park Ave. Brian Zak/NY Post

The law firm’s managing accomplice Dan Rottenstreich said, “With its unique look, history, and location, 500 Park Avenue feels more like a home than a commercial office space — to us and to our clients.”

The building has a whole of 201,000 sq. ft of luxurious workplace and retail space. Office tenants embrace Vera Wang, Tom Ford Fashion and The Georgetown Company. Offices are 90.1% leased. Asking rents are $120 per sq. foot.

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