Cresa NY secures 33,500 s/f lease for GT Nexus at 55 Water Street

The New York office of Cresa has completed a 10-year, 33,500 s/f sublease at 55 Water St. for GT Nexus, which operates one of the world's largest cloud-based platforms for global supply chain management. "GT Nexus was looking to upgrade the quality and functionality of their space in New York by moving to a prestigious class A property, while remaining in the heart of Lower Manhattan where the company was thriving," said Wesley Rudes, senior vice president at Cresa New York. "55 Water St. easily achieved those objectives, and it offered the right kind of space and layout so the company could consolidate its office on one, large floor—a welcomed change from the three spaces it occupied at 75 Maiden Ln. "As a rapidly growing, global company, we needed a space for our New York regional headquarters that represents the success that we are experiencing in the market," said Sean Feeney, GT Nexus CEO. "55 Water St. is the kind of facility that allows us to host prospects, customers and our employees in a true center of excellence type of environment." Although terms of the sublease were undisclosed, the asking rent at the property was approximately $45 per s/f. Cresa New York's Wesley Rudes and Elyse Candella represented GT Nexus throughout the deal, along with Cresa Orange County Principal Jeff Manley. The landlord in the transaction, Legg Mason, was represented by Kenneth Rapp and Michael Rizzo, both of CBRE. GT Nexus operates the world's largest cloud-based business network and execution platform for global trade and supply chain management. GT Nexus is used by Fortune 500 companies across all industries and has a client-base that includes Adidas Group, Caterpillar, Citi, Kohl's, Nestlé, Pfizer, Proctor & Gamble and Sears. 55 Water St., built in 1972, is a 687-foot, 53-story Class-A office building located in the Financial District on the East River. Designed by Emery Roth & Sons, the 3.5 million s/f property is the largest building in New York by floor area and the 40th tallest building in the city. Built on a super-block of four adjoining city blocks, 55 Water St. is home to Standard & Poors, EmblemHealth, NYC's Department of Transportation, Chubb Insurance and Sullivan & Cromwell, LLP.