Western Union switches to direct lease in FiDi office

Company formerly sublet the 20,000-square-foot space from Wells Fargo

New York /
Mar.March 13, 2014 03:10 PM

Western Union, the money transfer agent, will now lease its Financial District office directly from landlord Jack Resnick & Sons instead of subletting.

Once a subtenant of Wells Fargo, the one-time telegraph company signed a ten-year direct lease with the owner of 199 Water Street for its 20,689-square-foot digs on the 29th floor.

Asking rents were in the high $40s per square foot.

The New York Observer, which first reported the deal, indicated that Michael Gottlieb of Avison Young represented the tenant, while the landlord was represented in-house by Brett Greenberg and Dennis Brady, in conjunction with John Cefaly and Robert Constable of Cushman & Wakefield.

The insurance firm Allied World Insurance is also subletting from Wells Fargo in the 1.1 million-square-foot office tower, and sought to convert to a direct lease when it expanded to 143,000 square feet in January. The building itself was hit hard by Hurricane Sandy but remained close to full occupancy last year, as The Real Deal reported. [NYO] Angela Hunt


Related Articles

arrow_forward_ios
Retail, Shopping Centers, Cushman & Wakefield
U.S. shopping center vacancy hits 15-year low
U.S. shopping center vacancy hits 15-year low
Ryan Serhant and Bess Friendman (Getty, Illustration by Shea Monahan for The Real Deal)
Real estate’s week of tumult and upheaval, large and small
Real estate’s week of tumult and upheaval, large and small
SL Green's Marc Holliday, Frank Carone and Cushman & Wakefield's Brett White (SL Green, Getty, Cushman & Wakefield)
SL Green, Cushman suing tenants with Frank Carone ties
SL Green, Cushman suing tenants with Frank Carone ties
Wells Fargo puts the brakes on mortgage business
Wells Fargo puts the brakes on mortgage business
Wells Fargo puts the brakes on mortgage business
From left: Mauricio Umansky, Steven James, Robert Reffkin, Brad Loe, and Howard Lorber (Getty)
What a ban on noncompetes could mean for real estate
What a ban on noncompetes could mean for real estate
A photo illustration of Metro Loft Developers’ Nathan Berman and a rendering of the planned office space at 56 North Moore (Getty, Metro Loft Developers, ODA)
Berman’s Metro Loft eyes alternatives for Tribeca office development
Berman’s Metro Loft eyes alternatives for Tribeca office development
A photo illustration of Douglaston Development CEO Jed Resnick (Getty, NYC Department of Finance, LinkedIn/Jed Resnick)
Douglaston CEO sees 421a dead until 2026
Douglaston CEO sees 421a dead until 2026
How CRE brokerages are responding to i-sales slowdown
How CRE brokerages are responding to i-sales slowdown
How CRE brokerages are responding to i-sales slowdown
arrow_forward_ios

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

Loading...