CBRE Arranges Long-Term Headquarters Lease for HR Technology Company
NEW YORK, NY - June 6, 2018 - Justworks, the fastest-growing HR technology company in the country, has committed to a long-term headquarters lease at 55 Water Street. In a transaction arranged by CBRE, Justworks signed a 270,000-square-foot lease at the 3.8-million-square-foot downtown office complex, relocating and more than doubling its office space to account for continued growth. Beginning in the second quarter of 2020, Justworks will relocate from the Starrett-Lehigh building at 601 West 26th Street to occupy the entire 27th floor of 55 Water Street, as well as floors 29-31.
“This long-term commitment is a first for Justworks and a testament to our proven success in delivering on our mission to help entrepreneurs and businesses grow with confidence,” said Isaac Oates, Founder and CEO of Justworks. “As we look to support even more growing businesses across the U.S., we will be expanding our team significantly to continue to provide the high-quality experience that customers have come to expect from us. Having gotten our start in Downtown Manhattan seven years ago, we are proud to call 55 Water Street home for the next phase of our journey.”
CBRE’s Howard Fiddle, Evan Haskell, Brad Gerla, Dave Caperna and Mary Ann Tighe represented building owner New Water Street Corp., a subsidiary of the Retirement Systems of Alabama, in the transaction. The average asking rent at the recently repositioned complex is $58 per square foot.
“Justworks’ 270,000-square-foot commitment further demonstrates the strong demand by top firms for quality office space in the Downtown Manhattan office market, which has become a hotbed for activity among creative and technology firms,” said Dan Palino, Chief Operating Officer at New Water Street Corp. “55 Water Street’s large floor plate size, excellent infrastructure, back-up power and long hours of operation were key factors in the company’s decision to relocate and expand its headquarters to the building. Other major considerations included the complex’s top quality, hands-on ownership and tremendous amenity package.”
“55 Water Street has historically serviced the financial services industry but is well-positioned to meet the needs of ‘new economy’ tenants, particularly in the tech industry,” added Mr. Fiddle of CBRE.
Justworks currently occupies 99,000 square feet of office space at Starrett-Lehigh, up from the 60,000 it originally moved into in early 2018. The HR technology company combines the power of a certified Professional Employer Organization with 24/7 support to provide small- and medium-sized businesses in all 50 states with access to big-company benefits, automated payroll, compliance support, and HR tools - all in one place.
Chris Helgesen, Peter Trivelas, Dirk Hrobsky and Gary Ceder of Cushman & Wakefield represented Justworks in the negotiations.
Justworks makes it easier to start, run, and grow a business. Founded in 2012, Justworks, the fastest growing HR technology company, is a modern support system for work and life. With Justworks, entrepreneurs and their teams get access to big-company benefits, automated payroll, compliance support, and HR tools - all in one place. By combining the power of a certified Professional Employer Organization (PEO) with expert 24/7 customer service and a simple and intuitive platform, Justworks gives teams of all sizes the confidence to work fearlessly. To learn more visit www.justworks.com, follow us on Twitter @JustworksHR and Instagram @Justworks_HR.
About CBRE Group, Inc:
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.