|Address:||55 Water Street||Class:||A|
|Cross Streets:||East River Drive & Water Street||Size:||3,800,000 SF|
|Year built:||1974||Architect:||Emery Roth & Sons|
The office building rising at 55 Water Street in Lower Manhattan was completed back in 1973, with a design by renowned architects at Emery Roth & Sons. At the time, it was the largest office building in the world, and today it remains the largest in New York City by floor area.
The building was renovated in 2005 with Kohn Pedersen Fox at the helm, and it boasts state-of-the-art amenities and energy-efficient features. 55 Water Street also incorporates the Elevated Acre, a massive terrace on the north side of the tower that offers green public spaces and stunning views of Manhattan.
3.8 MSF of Class A FiDi Office Space
55 Water Street offers 3.8 million square feet of LEED Gold-certified, Class A Financial District office space, as well as roughly 60,000 square feet of retail. The Retirement Systems of Alabama has owned the 53-story NYC office building since 1993 when it acquired it from Olympia & York.
The property incorporates two on-site parks, a newly renovated, light-filled lobby, a new visitor center, extended HVAC operating hours, a tenant-exclusive food court, and on-site management.
KPF spearheaded a comprehensive renovation effort in 2003-2005, which included upgrades to the building’s design, as well as a $20 million investment to remove asbestos and install a back-up electrical system.
Getting to and from 55 Water Street
The office tower at 55 Water Street benefits from an excellent location along the East River in Lower Manhattan, close to a plethora of dining, shopping, and transportation options. Those working in the building have easy access to the Staten Island ferry, as well as to the 1, 4, 5, N, and R trains.
Who is renting office space at 55 Water Street?
55 Water Street is the largest office building in New York City by floor area. Consequently, it houses various high-profile office tenants in a variety of industries, including financial services, coworking, fashion, and media. The building houses the headquarters for EmblemHealth, McGraw Hill Financial, and Hugo Boss. Other notable tenants include Invesco, the NYC Department of Education, Thrive Networks, West Elm, Justworks, and Soho Works.
How much is the rent price for office space at 55 Water Street?
Office asking rents at 55 Water Street start somewhere around $60 per square foot, which is roughly on par with the average rent commanded in Downtown Manhattan. By comparison, office asking rents in Midtown Manhattan or Midtown South often surpass $90 per square foot. This makes 55 Water Street an excellent option for tenants looking for modern, Class A office space in a well-connected location.