GFI Group Inc., a prominent brokerage services firm, has solidified its presence in Lower Manhattan by renewing and significantly expanding its lease at 55 Water Street. The company has doubled its office space, committing to a substantial new long-term lease that consolidates its operations and signals a strong commitment to the downtown area.
Key Takeaways
- GFI Group has expanded its lease at 55 Water Street, doubling its office space to 128,749 square feet.
- The firm will consolidate its existing operations from 199 Water Street into the new, larger space.
- This expansion represents a significant long-term commitment to the building and the neighborhood.
- The deal was the largest direct transaction in the district upon its closing since August 2023.
A Major Expansion in Lower Manhattan
GFI Group has renewed its existing 63,756-square-foot lease for the entire 10th floor at 55 Water Street. In addition to this, the firm has committed to a new full-floor lease of 64,993 square feet on the 11th floor. This brings GFI Group’s total leased space to an impressive 128,749 square feet, effectively doubling its previous footprint.
The expansion will also serve as a consolidation point, bringing GFI Group’s existing operations from 199 Water Street under one roof at the 55 Water Street location. This move is expected to streamline operations and foster greater collaboration within the firm.
Long-Term Commitment and Market Impact
Howard Fiddle of CBRE, representing the property owner New Water Street Corporation, highlighted the significance of GFI Group’s decision. "After evaluating the Downtown and broader Manhattan market, GFI Group, which has been a tenant in the building since 2007, reaffirmed its long-term dedication to the building and the neighborhood by committing to an additional 17-year term," Fiddle stated.
This transaction is notable for its size and timing. It was the largest direct deal in the district upon closing since August 2023. Furthermore, it stands as the largest deal on Water Street since the Metropolitan Jewish Health System deal in 2022, also at 55 Water Street. Industry observers view this expansion as a positive indicator for the broader commercial real estate market in the area.
Brokerage Representation
The property owner, New Water Street Corporation, was represented by a CBRE team including Howard Fiddle, Bradley Gerla, Evan Haskell, and William Hooks. GFI Group was represented by Jared Horowitz and Hal Stein from Newmark.
