NEW YORK CITY—Another creative tenant headed for Lower Manhattan will significantly expand its office space when it moves next spring, GlobeSt.com has learned. Photo company Sandbox Studios has signed a 67,706-square-foot lease at 55 Water St., more than doubling its current 27,039-square-foot offices at 250 Hudson St., according to CBRE Group.
The firm will move to its new Financial District space—where the asking rent was $50 per square foot—next April. The lease is for 16 years. CBRE's Brad Gerla, Howard Fiddle, Evan Haskell and Mary Ann Tighe represented the landlord, New Water Street Corp.,while the brokerage firm's Joel Wechsler,Matt Bergey and Nathan Katz represented the tenant.
“The economics of the transaction compared to those in the Hudson Square neighborhood were compelling,” says Wechsler, SVP. “Sandbox is very excited to join the ever increasing community of creative firms that have located in the FiDi community.”
The move is not the first time in recent history that 55 Water St.—which spans 3.9 million square feet—has lured a tenant away from Midtown South. Back in November 2014, Hugo Boss agreed to shift its headquarters to the building in a long-term lese for 73,690 square feet. It had come from the Starrett-Lehigh Building, at 601 W. 26th St.
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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.
