GFI Group, a prominent player in the financial services sector, has decided to significantly increase its footprint at 55 Water Street, where it has been a tenant since 2007.

The company is expanding its presence by an additional 64,993 square feet while also renewing its lease on 63,756 square feet of existing space.

The leasing rate at this 1972-constructed tower is $59 per square foot, which is typical for the area and generally lower than rates found in Midtown or the World Trade Center.

This expansion allows GFI to consolidate its operations from 199 Water Street, where it previously occupied 70,000 square feet.

According to Howard Fiddle, who led the CBRE team representing the building’s owner, New Water Street Corporation, GFI’s extended commitment marks the largest direct lease deal in the area since August 2023. The CBRE team included Brad Gerla, Evan Haskell, and William Hooks, while Newmark’s Jared Horowitz and Hall Stein represented GFI in the negotiations.

The massive, 4 million square-foot tower overlooking the East River saw 200,000 square feet of leasing prior to the GFI deal earlier this year.

CBRE’s Gerla said, “This expansion is a big win for both the building and the submarket.” He noted that Downtown is on pace for its largest leasing total this year since 2019.

The tower has 436,000 square feet available, including a rare block of 330,000 square feet.

Rottenstreich Farley Bronstein Fisher Potter & Hodas converted 18,820 square feet from a sublease to direct space at SL Green’s 500 Park Avenue.

The law firm’s managing partner Dan Rottenstreich said, “With its unique look, history, and location, 500 Park Avenue feels more like a home than a commercial office space — to us and to our clients.”

The building has a total of 201,000 square feet of luxury office and retail space. Office tenants include Vera Wang, Tom Ford Fashion and The Georgetown Company. Offices are 90.1% leased. Asking rents are $120 per square foot.