The personal injury law firm Morgan & Morgan has signed a lease for 70,602 square feet at 199 Water Street, also known as One Seaport Plaza, according to third-quarter Manhattan office market reports from Colliers and CBRE. The new agreement converts an existing sub-lease into a long-term direct lease, solidifying the firm's presence in Lower Manhattan.
Morgan & Morgan moved into the building in the third quarter of 2023 as a sub-tenant after relocating from Midtown. Originally, their space comprised 34,792 square feet, as noted in a Downtown Alliance report at the time. The current agreement signifies a significant expansion of office space and secures a permanent location for the firm at Jack Resnick & Sons' One Seaport Plaza.
Market Data and Building Details
Cushman & Wakefield brokered the deal for both the tenant and the landlord. Details regarding the asking rent and lease term were not immediately disclosed. According to Colliers, the average asking rent for office space in Lower Manhattan in Q3 2023 was $64.88 per square foot. However, earlier Commercial Observer reports cited an asking rent of $40 per square foot for this building.
Built in 1984, One Seaport Plaza is located on Water Street between John Street and Fulton Street. It spans over 1 million square feet and offers amenities such as a cafe and a lounge area. Its location in the Financial District is considered strategically advantageous for law firms and financial service providers alike.
Existing Tenant Structure
The building already houses a number of prominent tenants, which underscores the attractiveness of the location. The addition of Morgan & Morgan to the list of established companies further strengthens One Seaport Plaza's tenant base.
- —Fintech firm VCT Holdings
- —Insurance company Seneca
- —Law firm Foster Garvey
