Downtown Manhattan continues to be a hub for prominent organizations, as evidenced by recent significant lease renewals at 199 Water Street New York. This prime office building has solidified its position by retaining two key tenants, signaling the enduring appeal of this location for businesses and non-profits alike. The Legal Aid Society and the Center for Reproductive Rights have both recommitted to 199 Water Street, underscoring the building’s advantages and the broader strength of the Downtown Manhattan commercial real estate market.
The Legal Aid Society, a vital New York institution, has chosen to remain at 199 Water Street. While previously considering consolidating its Manhattan offices at 40 Worth Street, the organization has evidently found compelling reasons to maintain a significant presence at its current location. Although details surrounding the initial consolidation plans remain unclear, Legal Aid’s continued commitment to 199 Water Street speaks volumes about the building’s suitability for its operational needs. This decision highlights the strategic importance of 199 Water Street for organizations requiring accessible and well-located office space in New York City.
Adding to the building’s roster of long-term tenants, the Center for Reproductive Rights has also renewed its lease at 199 Water Street. Having been a tenant for a decade, the Center has signed a 15-year lease for its 35,995 square foot space. This long-term commitment demonstrates satisfaction with the building and the surrounding Downtown Manhattan environment. Daniel Horowitz of Savills, who represented the Center, noted that the space’s design, conceived ten years prior, remains highly effective for collaboration, particularly in the evolving post-COVID office landscape. This renewal emphasizes the forward-thinking design and enduring functionality of office spaces at 199 Water Street New York.
Jonathan Resnick, president of Jack Resnick & Sons, the landlord, emphasized the broader significance of these renewals. He stated that the commitments from both The Legal Aid Society and the Center for Reproductive Rights are crucial not only for their respective missions but also for the vitality of Downtown Manhattan. Asking rents at 199 Water Street are reported to be in the high-$50s to low-$60s per square foot, reflecting the building’s premium status and desirable location.
199 Water Street, constructed in 1984, is a substantial 1.1 million-square-foot building strategically located between John and Fulton streets in the heart of the Financial District. Its lobby, designed by Swanke Hayden Connell Architects, provides a sophisticated entrance for tenants and visitors. The building already houses notable tenants such as Frank Recruitment Group and the American Friends of Hebrew University, creating a diverse and dynamic professional community within 199 Water Street New York.
The lease negotiations involved key players in the commercial real estate sector. Adam Rapoport and Brett Greenberg from Jack Resnick & Sons represented the landlord, while Craig Reicher and Christopher Mansfield of CBRE acted on behalf of The Legal Aid Society. Daniel Horowitz, Jeffrey Peck, Ira Schuman, and Stephan Steiner of Savills represented the Center for Reproductive Rights. These renewals at 199 Water Street New York underscore the building’s continued importance in attracting and retaining prominent organizations in Downtown Manhattan, reinforcing its position as a premier office destination.
