Financial firm consolidates operations into a larger footprint at 55 Water Street
Financial services firm GFI Group has secured one of Lower Manhattan’s most significant office lease deals of 2025, moving to consolidate its operations into a larger space at 55 Water Street.
The company has renewed its full 10th-floor lease of 63,756 square feet and expanded by taking over the entire 11th floor, adding 64,993 square feet, according to CBRE, which facilitated the agreement. With this expansion, GFI plans to shift its current operations from 199 Water Street to the upgraded space at 55 Water.
Altogether, the long-term deal covers 128,749 square feet, ranking it among the largest Lower Manhattan leases signed in 2025, based on CoStar’s data.
GFI’s parent company, BGC Partners, had been housed at 199 Water Street for years, at one point occupying more than 70,000 square feet across two floors. It reduced its footprint earlier in 2025 and was expected to leave the property completely by June 2026, according to CoStar records.
While CBRE didn’t reveal the detailed terms of the agreement, market rents at 55 Water Street currently average around $59 per square foot, CoStar data shows.
A Vote of Confidence for Lower Manhattan’s Office Market
GFI has been a tenant at 55 Water Street since 2007, and the company has now extended its stay by another 17 years, said CBRE’s Howard Fiddle, who represented landlord New Water St. Corp. He noted that GFI explored options throughout Downtown and the broader Manhattan market before ultimately choosing to remain in the building.
Fiddle called it the largest direct lease in Lower Manhattan since August 2023, and the biggest along Water Street since 2022 — a strong sign of market momentum.
The 4-million-square-foot Class A office complex, notable for its large floor plates and elevated public park, has already signed roughly 200,000 square feet of leases in 2025, according to CBRE.
“This expansion is a major win for both the building and the submarket,” said CBRE’s Bradley Gerla. He added that Downtown Manhattan has logged its third straight quarter of above-average leasing, putting the area on track for its best annual total since 2019.
Lower Manhattan’s Recovery Strengthens
Even though Midtown remains ahead in the broader office market rebound, Lower Manhattan is seeing steady improvement. Data from the Alliance for Downtown New York shows:
- Q3 2025 vacancy rate dropped for the seventh straight quarter, hitting 22.5%
- Class A office space recorded its largest annual vacancy drop since 2013
- Average asking rent rose to $56.40 per square foot, with Class A rents climbing 4.4% year-over-year to $61.28
For the Record
- Landlord Representation: Howard Fiddle, Bradley Gerla, Evan Haskell, William Hooks (CBRE)
- Tenant Representation: Jared Horowitz, Hal Stein (Newmark)
Source: Original reporting by Andria Cheng, CoStar News.
