The Legal Aid Society, a prominent non-profit legal services provider, has broadened its New York City presence by establishing a new training and advocacy center at 55 Water Street, New York, NY. This strategic move sees the organization subleasing space within the expansive Financial District office tower, marking another significant tenant for the prestigious address.
Located in the heart of Lower Manhattan, 55 Water Street is a well-known landmark, boasting 3.8 million square feet of office space. Legal Aid’s decision to locate its new center here underscores the building’s appeal to diverse organizations, joining a roster of notable tenants including financial giants like J.P. Morgan Chase and established companies such as Revlon and Justworks. The new facility will serve as a crucial hub for Legal Aid, accommodating up to 150 staff members for training and advocacy initiatives. The space is specifically designed to facilitate these activities, featuring breakout rooms, classrooms, and even mock courtrooms to enhance the learning and development experience for its personnel.
This sublease agreement was skillfully brokered by CBRE, with Craig Reicher, Chris Mansfield, Greg Maurer-Hollaender, and Julia Passante representing Legal Aid. On the other side of the deal, Paul Myers, Michael Liss, and Joe D’Apice from CBRE acted on behalf of S&P, the sublessor, while Howard Fiddle, Evan Haskell, and Brad Gerla, also from CBRE, represented RSA, adding further complexity to this significant transaction at 55 Water Street.
While the exact terms of the sublease, including its length and asking rent, remain undisclosed, industry reports from Newmark indicate that average office rents in Lower Manhattan were around $57.29 per square foot in the third quarter of 2024. This provides some context to the potential financial commitment for Legal Aid in securing this prime space at 55 Water Street.
Interestingly, this isn’t the first instance of space being subleased within 55 Water Street by S&P. Back in 2021, the financial services company sublet a substantial 137,000 square feet to DailyPay, a payment platform, demonstrating the building’s flexibility and attractiveness for various leasing arrangements.
Legal Aid’s commitment to 55 Water Street is in addition to its extensive network of 30 offices across New York City’s five boroughs, including its main headquarters at 199 Water Street, just a short distance away. This expansion to 55 Water Street highlights Legal Aid’s continued growth and its dedication to providing essential legal services throughout the city, further solidifying 55 Water Street’s position as a premier business address in New York, NY.
