Regus Renews Wall Street Lease

The historic landmark rises 37 stories. Image courtesy of CBRE

Regus has signed a lease renewal for 37,031 square feet of coworking space in Manhattan’s Financial District, at 14 Wall St., a 1.1 million-square-foot office tower. CBRE negotiated on behalf of the landlord, IBE Trade, which had picked up the asset in a $294.4 million deal from The Carlyle Group, CommercialEdge data shows.

The flexible workspace provider will continue to occupy the entire 20th floor of the historic landmark. The property roster also includes Real Hospitality Group, Rose Grove Capital, Aflac and Phalanx HealthCare Solutions, among others.

A reinvented historic landmark

Rising 37 stories at 14 Wall St., the Class A office building has floorplates ranging between 8,000 and 40,000 square feet and first-floor retail spaces. Completed in 1912 as the Bankers Trust Building, the property went through an extensive capital improvement program in 2008 and now includes upgraded common areas, elevators, on-site conference rooms and security systems, as well as a revamped lobby. Amenities feature a health club, newsstand, barber shop and nail salon.

Located next to Federal Hall and across from the New York Stock Exchange, the high-rise is 2 miles from Lower Manhattan and 20 miles of John F. Kennedy International Airport. Additionally, the property provides convenient transportation through multiple subway lines as well as access to the Staten Island Ferry Terminal.

CBRE’s team of Bradley Gerla, Jon Cope, Mike Rizzo and Masha Dudelzak represented the landlord. Gerla and Rizzo were also instrumental in the 12,832-square-foot lease a non-profit signed at the property in February.

Manhattan’s office leasing activity

Manhattan’s office market continues to struggle; the borough saw a 17.3 percent vacancy rate as of August, up 330 basis points over the year, according to a recent CommercialEdge report. However, the value was 20 basis points lower than the national average of 17.5 percent.

In one of the market’s more significant leasing deals, Silverstein Properties recently landed a new tenant at 120 Broadway. A trading and technology company committed to 121,903 square feet at the 40-story office tower.