CBRE arranged a long-term, 78,079-square-foot office lease for the New York City Board of Education Retirement Systems (BERS) at 55 Water St. in Lower Manhattan. BERS previously occupied a portion of the building’s 50th floor as a subtenant and will now occupy the entire 50th floor and add a ground-floor retail presence under a new, 30-year direct lease with the property owner.
The CBRE team of Howard Fiddle, Bradley Gerla, Evan Haskell and William Hooks represented the property owner, New Water Street Corp., in the negotiations. Marc Shapses of Savills acted on behalf of BERS in the transaction.
“BERS’ decision to commit to a 30-year lease is a strong endorsement of 55 Water Street and Lower Manhattan as a premier business destination,” said Fiddle.
Added Gerla, “With the successful conclusion of this transaction, the building has executed approximately 275,000 square feet of leases over the past year and a half.”
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