Downtown Manhattan’s commercial real estate sector has received a significant boost with the lease renewals of two prominent tenants at 199 Water Street. This 1.1 million-square-foot building, a fixture of the Financial District since 1984, continues to attract and retain high-profile organizations, signaling the enduring appeal of this key New York City locale. Notably, The Legal Aid Society and the Center for Reproductive Rights have both reaffirmed their commitment to this address, securing their spaces within the sought-after property.
The Legal Aid Society, a cornerstone of legal support in New York City, has chosen to remain at 199 Water Street, despite previous considerations to consolidate its Manhattan offices at 40 Worth Street. While plans announced in June 2021 suggested a move to a 198,900 square foot space at 40 Worth Street, the organization has ultimately opted to maintain its presence at 199 Water Street. The details surrounding the square footage and lease terms for The Legal Aid Society at 199 Water Street have not been disclosed, and requests for comment from Legal Aid were not returned. This decision underscores the strategic importance of 199 Water Street for the organization’s operations and accessibility within the downtown core.
Adding to the positive momentum at 199 Water Street, the Center for Reproductive Rights has also renewed its lease, solidifying its decade-long residency in the building. The Center has signed a 15-year lease to maintain its 35,995 square feet. This long-term commitment highlights the building’s suitability for organizations with specific spatial and operational needs, further cementing 199 Water Street as a prime location for established institutions.
According to the landlord, Jack Resnick & Sons, asking rents at 199 Water Street are currently in the high-$50s to low-$60s per square foot. Jonathan Resnick, president of Jack Resnick & Sons, emphasized the significance of these lease renewals, stating, “These firms’ commitments are not only important for their missions but for Downtown Manhattan as well.” His statement underscores the broader economic impact of tenant retention in Downtown Manhattan and the role of buildings like 199 Water Street in fostering a stable and thriving business environment.
The lease transactions were expertly handled by brokerage teams from both in-house and external firms. Adam Rapoport and Brett Greenberg of Jack Resnick & Sons represented the landlord directly for both deals. The Legal Aid Society was represented by Craig Reicher and Christopher Mansfield of CBRE, while Daniel Horowitz, Jeffrey Peck, Ira Schuman, and Stephan Steiner of Savills negotiated on behalf of the Center for Reproductive Rights. Daniel Horowitz of Savills noted the forward-thinking design of the Center for Reproductive Rights’ space at 199 Water Street, highlighting its continued effectiveness in the evolving post-COVID office landscape, remarking, “Ten years ago, when we first negotiated its lease, the Center for Reproductive Rights’ space was ahead of its time in terms of design and functionality for collaboration. It remains very effective in the post-COVID office environment.”
Located between John and Fulton streets, 199 Water Street boasts a prestigious address and a distinctive lobby designed by Swanke Hayden Connell Architects. Alongside The Legal Aid Society and the Center for Reproductive Rights, the building is home to a diverse roster of tenants, including Frank Recruitment Group and the American Friends of Hebrew University. The continued occupancy and renewals at 199 Water Street reinforce its position as a premier office destination in Downtown Manhattan, attracting established organizations and contributing to the area’s dynamic commercial ecosystem.
