The Real Deal New York

Stock transfer firm Continental takes 36K sf at 1 State Street

Company will relocate from 17 Battery Place
By Rich Bockmann | January 05, 2017 02:10PM

1 State Street Plaza in the Financial District

Stock transfer agent Continental Stock Transfer & Trust Company signed a lease for 36,000 square feet at the Wolfson family’s 1 State Street in the Financial District.

The 53-year-old company will be moving east to the 35-story, 975,000-square-foot building from the Moinian Group’s TRData LogoTINY 17 Battery Place, located on the western side of the Downtown market. CoStar shows the company occupies 35,000 square feet on a lease expiring in July.
A spokesperson at CBRE, which represented 1 State Street landlord in the negotiations, confirmed the deal.

Financial terms of the lease weren’t available, but space on the eastern side of the submarket generally offers a discount compared to the west. Asking rents for direct deals in the downtown east subdistrict averaged $58.94 per square foot compared to $67.73 per square foot on the western side, according to Newmark Grubb Knight Frank’s fourth-quarter office leasing report.

Major tenants in the building include the city’s Department of Buildings and insurer Ambac Financial Group.

Newmark’s Paul Davidson represented Continental, while Bruce Surry and Rob Wizenberg at CBRE negotiated on behalf of the landlord.