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Category ArchiveLawrence Group

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

As 50th Anniversary Approaches, Nonprofit Signs Deal to Move to Woolworth Building

Watson Foundation, a nonprofit that provides grants to students for study and was formed in honor of IBM Founder Thomas J. Watson, is planning to relocate to the Woolworth Building, Commercial Observer has learned.

“The organization is growing and incorporated a move as part of the group’s 50th anniversary,” Jeremy Dukes of Interrelate Group, who represented the tenant in the deal, told CO. Next year marks the 50th anniversary of the organization investing in students with the launching of its first fellowship program.

Watson will head to 4,045 square feet on part of the 27th floor at 233 Broadway between Park Place and Barclay Street.

Thomas Hettler of the Lawrence Group represented the landlord, Cammeby’s International. Hettler didn’t respond to requests for comment.

“The 10-year deal at the Woolworth building allows Watson to be at the intersection of city government, an innovative nonprofit ecosystem and leading global businesses adding value to their cross-sector curriculum,” Dukes said.

Dukes declined to provide the asking rent, but when Altuzarra, a women’s designer brand, leased 11,516 square feet on the 14th floor in the building last June, the asking rent was $59 per square foot.

Next month Watson will assume temporary space in the building while waiting for the new digs to be built out by April 2018. Currently, Watson is nearby in 3,000 square feet at 11 Park Place.

The 57-floor, 792-foot building, which was completed in 1913, is one of the oldest skyscrapers in the country.

Source: commercial