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