News Summary
The New York State Office of General Services has finalized a 10-year lease for 44,000 square feet at 1 New York Plaza for the Office of Information Technology Services. Slated to open in fall 2025, this space will support various IT operations, enhancing the efficiency of state services. The building, a key feature of the Financial District, continues to adapt in the evolving landscape of office spaces post-pandemic.
New York – The New York State Office of General Services (OGS) has secured a 10-year lease for 44,000 square feet of office space at 1 New York Plaza. This important real estate agreement was finalized on behalf of the New York State Office of Information Technology Services (ITS), which will occupy the 31st floor of the prominent tower. The new office is slated to open in fall 2025 and will support extensive operational needs of ITS.
The services to be performed within the new office will encompass various aspects essential to the state’s information technology framework. These include chief information security, enterprise networking, digital experience management, support services, staff training, and onboarding processes. The location is expected to significantly enhance the operational efficiency of ITS, making it well-situated in the Financial District.
1 New York Plaza, also referred to as 1 Water Street, is a 50-story skyscraper that comprises a total of 2.58 million square feet of Class A office space. Opened in 1970, the building features approximately 46,000 square feet per floor, accommodating diverse tenants ranging from financial institutions to law firms. Notable occupants include Morgan Stanley, architecture firm Spacesmith, and law firm Fried Frank.
The building is currently owned by Brookfield, which has recently invested $15 million in renovating the retail concourse. However, the specific rental rate for the new lease at 1 New York Plaza has not been disclosed. Past data indicates that Revlon, a previous tenant at the building, was paying a rent rate of $55.98 per square foot, among the highest in the structure, before their bankruptcy filing in 2022. At that time, Revlon occupied 107,121 square feet across three floors with their lease set to expire in June 2030.
The OGS is also a known occupant at another site located at 163 West 125th Street in Harlem, showcasing its footprint in various strategic locations across New York City. However, representatives from both the OGS and Brookfield have not been available to comment on the details of the leasing transaction or its implications.
The development of this new office space for ITS is part of broader state efforts to enhance IT services and infrastructure crucial for public service delivery. By consolidating related operations under one roof, the state aims to streamline its technology initiatives and create a more effective organizational environment for its staff.
As the opening date approaches, further developments regarding additional operational details and the anticipated impact on the local economy will be monitored closely. The move not only illustrates OGS’s commitment to improving state services through infrastructure enhancements but also aligns with the ongoing evolution of office spaces in the Financial District, which continues to adapt to the changing landscape brought forth by the pandemic and the shift to hybrid work models.
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