55 Water St./ Photo credit: New Water Street Corporation
NEW YORK CITY—It's a big deal. One of the largest non-profit health insurers EmblemHealth signed a 15-year extension for 440,000 square feet at 55 Water St. The transaction is one of the largest leases of the year in Lower Manhattan, in the largest office building in New York City based on floor area. The 4 million-square-foot building is also the second largest privately-owned office building in the US.
The landlord, New Water Street Corporation, owns and operates office buildings. It's part of the Retirement System of Alabama, a state employee pension fund which owns 55 Water St. EmblemHealth has maintained its headquarters in the building since 2003.
“The site provides our team with a collaborative workplace environment from which to support our continued growth and enhance our ability to serve our more than 3 million members across NY, CT and NJ,” says Beth Leonard, EmblemHealth's chief marketing and communications officer.
“As one of the largest and most important real estate investments for the Retirement Systems of Alabama, we always take great pride when our existing tenants reinvest in their premises and continue the partnership like relationship we maintain with our corporate occupants,” says Dan Palino, COO of New Water Street Corporation.
The property features full floor plates ranging up to 69,500 square feet. It has two on-site parks, multiple dining choices, a sky bar and beer garden and sundry retail.
Colliers International's Brian Given, Sheena Gohil, Steve Jaray and Tom Shirocky represented EmblemHealth. CBRE's Howard Fiddle, Dave Caperna, Brad Gerla, Evan Haskell and Mary Ann Tighe represented the building owner.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
