McGraw Hill to renew 1.1M sf lease at 55 Water Street

Standard & Poor's owner occupies nearly one-third of the city's largest office building

Douglas Peterson 55 Water Street
From left: McGraw Hill's Douglas Peterson and 55 Water Street in the Financial District

McGraw Hill Financial, owner of Standard & Poor’s Rating Services, will soon renew its 1.1 million-square-foot lease at 55 Water Street in the Financial District.

The deal is expected to close by the end of 2015, which would make it one of the year’s largest leasing transactions.

Standard & Poor’s has occupied the space since 1999, but McGraw Hill only transferred its headquarters there last year.

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The firm’s lease doesn’t expire until 2020, Crain’s reported.

55 Water Street, owned by the pension fund Retirement Systems of Alabama, is the largest office building in the city by square footage, with a total of 3.6 million square feet of space.

CBRE’s Mary Ann Tighe, Howard Fiddle, Evan Haskell and Brad Gerla manage the 52-story tower on the pension fund’s behalf.

Photography and production firm Sandbox Studios leased 68,000 square feet at the building in July. Hugo Boss also occupies 74,000 square feet there. [Crain’s]Ariel Stulberg