NEW YORK CITY-In yet another instance of a company migrating Downtown after being priced out of Midtown South, Epsilon Data Management has leased the entire 34,792 square foot 15th floor at One Seaport Plaza for its new Manhattan headquarters. The 13-year lease brings Jack Resnick & Sons' signature downtown office tower to 100% occupancy.
Steven Bellwood, VP and John Boyle III, senior managing director and principal of Cassidy Turley represented Epsilon in the transaction, while a Cushman & Wakefield team of John Cefaly, executive vice chairman, Robert Constable, executive director and Andrew Peretz, EVP worked alongside Brett Greenberg, managing director and Dennis Brady, executive managing director of Jack Resnick & Sons to represent the building's owner.
Asking rents at 199 Water Street are in the mid to high $40's per square foot. By comparison, asking rents in Midtown South jumped 14% from the first to the second quarter of this year, landing at $59.46, according to research from the Alliance for Downtown New York. Epsilon, one of the world's largest consumer data companies, plans to relocate from its present Midtown South offices at 11 W. 19th Street to its new facilities by year end.
The move follows the recent inking of a lease with the WeissComm Group, a creative class tenant at 199 Water St.. The agreements illustration Lower Manhattan's increasing appeal to tenants beyond financial services firms, Greenberg tells GlobeSt.com.
“This lease, and the WeissComm deal, brings another type of tenant to the building,” he says. “It shows that the space is attractive to many industries so we're optimistic about future space in the building that we'll be leasing in 2015.
The Resnick Organization is marketing a block of 275,000 square feet at 199 Water St., which will be available January, 2015. The nearly column-free floors are approximately 36,000 square feet.
Meanwhile, the just-upgraded Swanke Hayden Connell-designed lobby at 199 Water St. is now highlighted by a new energy efficient LED lighting scheme, glass security turnstiles, new concierge and security desks, messenger center, free Wi-Fi service and new exterior and interior signage. Other building amenities nearing completion include a destination-based dispatch system for elevators and new cab finishes and a bike room with locker room facilities.
Some of the major tenants at 199 Water St., which is adjacent to the South Street Seaport and near the new Fulton Transit Center, include AON Service Corp., Allied World Assurance, BGC, SCOR Insurance and Tullet Prebon Americas.
“This is truly a great building in a great location,” says Greenberg. “It's close to transportation and close to everything, we're excited about what the Howard Hughes Corp. has planned for Pier 17 and the
South Street Seaport.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
