Morgan & Morgan Secured Large One Seaport Plaza Lease
The firm expanded its Lower Manhattan office space by transitioning from a sublease to a long-term direct lease agreement.
Updated on Oct. 9, 2026 in Commercial
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Legal firm Morgan & Morgan secured a 70,602-square-foot direct lease at 199 Water Street, known as One Seaport Plaza, during the third quarter of 2026. This move marks an expansion from the firm's previous 34,792-square-foot sublease footprint in the building.
Why it matters
The transition to a direct lease provides the firm with a more permanent office location in Lower Manhattan while significantly increasing its total footprint. This change reflects ongoing adjustments in the regional commercial market where average asking rents reached $64.88 per square foot in the third quarter of 2026.
The firm doubled its occupancy at the 1 million-square-foot One Seaport Plaza, moving from a 34,792-square-foot sublease to a new 70,602-square-foot direct lease. This compares to a Lower Manhattan average asking rent of $64.88 per square foot during the third quarter of 2026.
The players
Morgan & Morgan
A national law firm that provides legal services and maintains a significant office presence in major commercial hubs.
Cushman & Wakefield
A global real estate services firm that manages commercial leasing and brokerage transactions for corporate clients.
One Seaport Plaza
A large-scale, 1 million-square-foot office building located at 199 Water Street in the heart of Lower Manhattan.
The details
Cushman & Wakefield facilitated the transition by brokering the agreement between the tenant and the landlord. The lease allows the firm to move from its former status as a subtenant into a long-term, direct relationship with the building owner at One Seaport Plaza. Built in 1984, the property at 199 Water Street remains a major office asset in the Lower Manhattan district.
Timeline
One Seaport Plaza was originally built in 1984.
Morgan & Morgan moved into the building as a subtenant in Q3 2023.
The average asking rent in Lower Manhattan was $64.88 per square foot in Q3 2026.
The new lease signing was reported in October 2026.
The Home Front
This move highlights a consolidation of office space footprint within one of New York City's established commercial towers. It reflects the broader regional office market where businesses are re-evaluating long-term lease commitments against the current $64.88 average asking rent.
Local residents should note that major commercial lease shifts often precede renovations or changes in building traffic patterns near their neighborhood. Keep an eye on local business permit filings if you live near 199 Water Street to stay informed about potential construction impacts.
The takeaway
Commercial office expansion in the heart of the city indicates continued interest in high-density professional districts. Residents and commuters can monitor major office building occupancy updates to understand how foot traffic in their local neighborhood may shift over the coming year.
Further reading
For more updates on local property developments, visit Commercial.
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