Clocking in: Justworks eyeing large relocation Downtown

HR startup is negotiating to lease 275K sf at 55 Water Street

TRD New York /
Mar.March 25, 2019 04:00 PM

55 Water Street and Justworks CEO Isaac Oates (Credit: Twitter)

HR tech firm Justworks is moving downtown.

The startup, which provides administrative- and benefits-services to employers, is in talks to take about 275,000 square feet at 55 Water Street, Crain’s reported.

The firm will be relocating from RXR Realty and the Blackstone Group’s Starrett-Lehigh Building in Chelsea, where it subleases 60,000 square feet from Tommy Hilfiger. The move is set to give Justworks more than four times as much office space as it currently occupies.

Justworks, which was founded in 2012, announced last year that it had secured $40 million in a fourth fundraising round, bringing its total funding to $93 million.

Fifty Five Water Street, meanwhile is the city’s largest office tower, clocking in at 3.6 million square feet. The 53-story building sits on a superblock that used to be four separate city blocks.

The building is home to the headquarters of EmblemHealth, which is in negotiations to reduce its space there – some of which will be occupied by Justworks.

In 2014, Hugo Boss also made the move from the Starrett-Lehigh to 55 Water Street, taking up 74,000 square feet.

The building is owned by the Retirement Systems of Alabama, and has asking rents in the high $50s per square foot. [Crain’s] — Kevin Sun


Related Articles

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

From left: Pavel Fuks, Michael Cohen, Felix Sater, and Donald Trump (Credit: Getty Images and Wikipedia)

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down