GFI Group Doubles Down at Manhattan Office Building

GFI Group has renewed and expanded its lease at 55 Water Street, a Class A office tower in Manhattan’s Financial District. The agreement outlines that the company will more than double its space at the location from 63,756 square feet to 128,749 square feet, occupying the full 10th and 11th floors. CBRE facilitated the transaction and represented the owner, New Water Street Corp., while Newmark represented GFI Group.

The current owner purchased the asset from Olympia & York Cos. for $202 million in 1993, Yardi Matrix data shows. This lease expansion represents the largest direct deal that the Financial District has seen since 2023 and the biggest deal on Water Street since 2022, CBRE’s Howard Fiddle said in prepared remarks on the agreement.

A $5 million beautification project

The 4 million-square-foot, 53-story office building includes retail and office space and originally opened in the 1970s. Yardi Matrix data shows the building was renovated under its current owner in 2005, 2012 and 2017.

The LEED Gold-certified building also made adjustments to its systems, including high-efficiency chillers and thermal storage equipment, LED lighting and variable frequency drive fans and pumps to improve sustainability. Soon, 55 Water Street will see a $5 million beautification program, according to the property’s website. This will include new planters, paving, a new welcome center, more seating and better lighting in the building’s lobby, as well as additional amenities.

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Tenants have access to The Elevated Acre, a public park that is accessible through the third floor of the building. The property is also adjacent to the Vietnam Veterans Memorial Plaza. Other amenities include a tenant-only cafeteria and restaurant, a coffee bar and a parking garage.

Located in Lower Manhattan, the tower is within walking distance of the New York Stock Exchange, 1 mile from Pier 17 and 2 miles from the Brooklyn Bridge, with access to subway and bus lines.

In September, at the nearby mixed-use development, Brookfield Place, Brookfield Properties entered a long-term lease extension. For a value of $1.5 billion, the lease is being extended for an additional 50 years.

A year of leasing activity

GFI started leasing the 10th floor of the building in 2007 and will be occupying the two floors for 17 years through the new agreement. With this added space at 55 Water, the company is looking to consolidate from its office nearby at 199 Water St. 

A CBRE team led by Vice Chairman Howard Fiddle, Executive Vice Presidents Bradley Gerla and Evan Haskell, and Senior Associate William Hooks represented the owner in the transaction. Newmark’s Vice Chairmen Jared Horowitz and Hal Stein represented GFI Group.

In 2025, the building has seen 200,000 square feet in leasing activity, including MetTel’s March lease expansion to 68,500 square feet, the New York Business Journal reported. Verra Mobility also entered a 10-year 57,149-square-foot lease in October, according to the Commercial Observer.

Yardi Matrix shows other tenants at the building include S&P Global, Hugo Boss, Invesco and Justworks.