Insurer leases 120,000 square feet at Manhattan’s largest office tower

TRD New York /
Feb.February 27, 2013 08:30 AM

Liberty Mutual has inked a 10-year deal for 120,000 square feet at 55 Water Street in the Financial Distrct, Crain’s reported. The deal effectively doubles the insurance company’s presence at the property, which is Manhattan’s largest office building.

Cresa represented Liberty Mutual in the transaction; CBRE represented the landlord, New Water Street Corp. Asking rents at the 3.8 million-square-foot building are in the $40s per square foot.

The property sustained damage when Hurricane Sandy made landfall in October, but the Liberty Mutual deal is evidence that Downtown landlords are convincing their tenants to stay or expand their current office space, Crain’s said. The building had flooding, elevator damage and electrical systems damage.

Ownership has spent more than $200 million in building repairs and storm-proofing to stave off future damage.

As previously reported, a fire erupted in the building’s basement in November, which left 27 injured.

The majority of the building’s elevators have restored function — the rest will be back online next week. [Crain’s]Zachary Kussin


Related Articles

arrow_forward_ios
MetLife Building and Matt Van Buren, CBRE’s tri-state president (Getty, CBRE)

CBRE closes 2 offices, expands presence at MetLife HQ

CBRE closes 2 offices, expands presence at MetLife HQ
Clockwise:  CBRE's Michael Remer, Richard Hodos and Joel Stephen with the Wizarding World Building at 935 Broadway (Images via CBRE)

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
Matthew James (Credit: ABC)

First black “Bachelor” for ABC comes from real estate world

First black “Bachelor” for ABC comes from real estate world
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

“For years we all laughed at them”: office brokers warm to virtual tours

“For years we all laughed at them”: office brokers warm to virtual tours
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...