Nonprofit Organization MET Council and Software Development Firm Caissa LLC Ink New Agreements at the 600,000 SF Downtown Office Tower
In a series of separate transactions at 77 Water Street,The William Kaufman Organization (WKO) and Principal Real Estate Investors announced today that two companies have signed new leases totaling 28,539 square feet of office space at the 26-story, 600,000 square-foot downtown office tower.
Nonprofit social services organization The Metropolitan Council on Jewish Poverty (MET Council) has signed a 21,692 square-foot direct lease to relocate to the building’s 26th floor. The firm will move into new space in November 2019.
In addition, software development firm Caissa LLC is the first tenant to lease a portion of the property’s newly-constructed pre-built units on the 24th floor. The company’s new 6,847 square-foot office suite features an open bar pantry with integrated Miele appliances; an adaptable reception/conference space; new hospitality restrooms and corridors; high-end finishes; and abundant natural lighting.
According to Michael Lenchner, Vice President and Director of Leasing at Sage Realty Corporation, the leasing and management division of WKO, the recent leasing activity at 77 Water Street is being driven by the building’s central downtown location, new prebuilt program and best-in-class connectivity.
“Since launching our new leasing campaign earlier this year, 77 Water Street has been very well-received by a wide range of different companies,” Lenchner said, noting that Sage Realty is currently in negotiations with a number of other tenants for the balance of the building.
Lenchner, along with an agency team from CBRE led by Jonathan Cope, Adam R. Leshowitz, and Nate Katz represented building ownership in both transactions. Howard Tenenbaum and Gary Rosen of SL Green represented Caissa. There was no outside broker for MET Council.
Built by WKO and designed by Emery Roth & Sons in 1970, 77 Water Street is widely known for redefining the traditional image of an office building. Located between Old Slip and Gouveneur Lane, the property features an open plaza area with whimsical design elements, including honey locust trees, streams, foot bridges and a wood-framed, turn-of-the-century-style candy store. The crowning jewel is the trademark World War I replica fighter plane on the building’s rooftop.
77 Water Street’s high-caliber tenant roster includes Lewis Brisbois Bisgaard & Smith LLP and Arup. The building features easy access to multiple subway lines and ferries, the South Street Seaport, the New York Stock Exchange and world-class shopping and restaurants.
According to Lenchner, only three pre-built units remain available for lease on the 24th floor. In addition, the team is offering a portion of the 15th floor (12,357 square feet) and a portion of the 16th floor (8,532 square feet), which can be leased together as a duplex with interconnecting stairs or separately.
About The William Kaufman Organization
The William Kaufman Organization, a multigenerational real estate company founded by its namesake in 1924 and now led by Jonathan Kaufman Iger, has developed and repositioned over six million square feet of real estate in New York City. The current portfolio consists of 6 class A commercial office buildings, totaling three million rentable square feet, along with additional real estate assets. For more information, visit http://www.sagerealty.com/
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $74.5 billion in commercial real estate assets (As of September 30, 2018). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is a dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. Principal Real Estate includes the companies of Principal Real Estate Investors LLC and Principal Real Estate Europe Limited.
