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Category Archive55 Water Street

Premium Merchant Funding Leaving Trump Building for 16K SF at 55 Water

A financial institution for small businesses, Premium Merchant Funding, has sub-subleased 15,965 square feet from foreign exchange trading firm Forex Capital Markets in the Financial District, Commercial Observer has learned.

Premium Merchant Funding will occupy 15,965 square feet on the 50th floor at 55 Water Street via an eight-year sub-sublease, as per a source. The asking rents were in the mid-$50s per square foot. Premium Merchant Funding will relocate from the Trump Organization‘s Trump Building at 40 Wall Street next month.

Forex took the 60,000-square-foot 50th floor in the 52-story, 3.6-million-square-foot building between Old Slip and Coenties Alley in a 2011 sublease, according to Real Estate Weekly at the time. At this juncture, Forex had excess space to give up, and Premium Merchant Funding had grown out of its 10,000 square feet at 40 Wall Street. The new sub-sublease transaction closed last week.

David Ofman of the Lawrence Group represented Forex in the deal. Newmark Knight Frank’s Paul Ippolito and Cushman & Wakefield’s Stephen Burke represented Premium Merchant Funding. Ofman and a spokeswoman for NKF didn’t immediately respond to a request for comment, and Burke declined to comment via a spokesman.

The Class-A office building is owned by Retirement Systems of Alabama. Tenants include S&P Global, New York City Department of Transportation and Teachers’ Retirement System.

Source: commercial

Rubbermaid and Crock-Pot Parent Company Takes Space in Empire Stores

Newell Brands, which owns several household product brands including Elmer’s, Crock-Pot, Rubbermaid, Sunbeam and Sharpie is heading to Empire Stores in Dumbo, Brooklyn.

The Hoboken-based conglomerate plans to open a 47,000-square-foot office with 200 employees in the former tobacco warehouses at 55 Water Street, next to Brooklyn Bridge Park, Crain’s New York Business first reported. It signed a 12-year deal for the newly renovated space, according to JLL’s Howard Hersch, who represented landlord Midtown Equities in the transaction. Asking rent for Newell’s space was $70 a square foot, said Hersch, who added that the building is now 100 percent leased. 

Landlord Empire State Development Corporation will give Newell $4 million in performance-based tax credits for its promise to bring 200 jobs to Dumbo. A leasing team led by CBRE’s MaryAnn Tighe and David Opper represented Newell in the deal.

United Technologies Corporation also inked a deal for a 67,000-square-foot accelerator at the waterfront commercial complex in the spring, a move that earned the company $10 million in state tax credits. Other tenants include West Elm, which occupies 150,000 square feet of retail and office space in the building, media companies Laundry Service and Cycle and advertising firm 72andSunny.

“Empire [Stores] is now home to two Fortune 500 companies,” Hersh said. “When you put that in the construct of the other tenants, you start to think what does people coming to Brooklyn mean for the market? I think it says that Dumbo is the densest creative market within the borough of Brooklyn. It competes with Midtown South head to head.”

Source: commercial