24 Hour Local Real Estate News

Resnick Inks Downtown Expansion

255 Greenwich St. The base of 255 Greenwich St. is home to Target’s first Lower Manhattan store, a 48,242-square-foot space.

NEW YORK CITY—The City of New York, is growing its footprint at 255 Greenwich St. in lower Manhattan. The tenant is now leasing 217,942 square feet, bringing the Jack Resnick & Sons property to 100% occupancy.

The city has finalized a lease for an additional 10,130 square feet on a portion of the building’s five floor, which will be occupied by the Office of Management and Budget. The new space is in addition to the 207,812 square feet of office space that is currently occupied by OMB as well as the Office of the Actuary and the Department of Information Technology and Telecommunications on floors six through nine of the building.

“We are thrilled to continue and expand upon our partnership with The City of New York, which has been our tenant at 255 Greenwich Street since 1990,” says Dennis Brady, executive managing director of leasing for Jack Resnick & Sons. “We’re proud to play a small role in helping these vital city agencies carry out their mission of providing services that benefit New York City residents and local communities throughout the five boroughs.”

Brett Greenberg, managing director, and Brady represented building ownership in the 10-year leasing transaction. Representation for the tenant was unclear at press time. Although the lease expansion brings the 625,000-square-foot Class A tower to full occupancy, Greenberg advises that ownership is currently marketing the entire third floor of 51,953 square feet and 25,937 square feet on a part of the second floor at an asking rent of $60 per square foot.

Other tenants at the office building include RR Donnelley & Sons, Tradition North America and the Borough of Manhattan Community College.  The base of the building also serves as the home to Target’s first Lower Manhattan store, which celebrated its grand opening in the fall of 2016.  The 48,242-square-foot store, which was the first in the United States to employ Target’s new urban concept, includes 7,358 square feet on the ground floor and 40,894 square feet on the lower level of the property.

Originally known as 75 Park Place, the building was designed by Emery Roth & Sons Architects and built by the Resnicks in 1986. It was renamed in 2012 to more accurately reflect its location along an important stretch of Greenwich Street, which was recently re-introduced to the Lower Manhattan streetscape for the first time since construction began on the original World Trade Center a half century ago.

 

 

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