Morgan & Morgan Inks 70,602 Square Foot Office Lease At One Seaport Plaza Lower Manhattan
199 Water Street
Building Size
70,602 SF
Asset Type
Office
Closing
Oct 8, 2026
About this deal
AI
The property asset involved in this lease transaction is an office space located at 199 Water Street in Lower Manhattan, comprising a total area of 70,602 square feet. The address is the site of One Seaport Plaza, and it represents a significant space for its future tenant.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 199 Water Street
- Market: Lower Manhattan
- Landlord: Jonathan Resnick - Jack Resnick & Sons
- Tenant: Morgan & Morgan
Morgan & Morgan has committed to a direct lease for the entire 70,602 square feet at One Seaport Plaza, moving from a previously held 34,792-square-foot sublease within the same building. This transition indicates a strategic expansion for the law firm in a prominent location.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93