Supply chain management company GT Nexus is the latest tenant to ink a deal at 55 Water Street in Lower Manhattan, scoring a 35,000-square-foot spread on the building’s 31st floor.
GT Nexus will pay in the $30s per square foot for the 10-year deal, a sublease from asset management firm Legg Mason that comes with furniture, enabling an immediate move-in.
“Often the issue with a sublease is that they won’t have enough years left to give the subtenant a long-term home,” Wes Rudes, a Cresa broker who represented GT Nexus in the deal, told Crain’s. “But this was that rare case where there was as much time on the sublease as the tenant would have wanted in a deal directly with a landlord.”
CBRE Group’s Ken Rapp and Michael Rizzo represented Legg Mason in the leasing deal.
The New Water Street Corp.-owned building, waterlogged after Hurricane Sandy, has seen lucrative leases with the city’s Health and Hospitals Corp. and Liberty Mutual in recent months. [Crain’s] — Julie Strickland