Of the properties Olympia & York purchased from National Kinney, only fifty five Water Street nonetheless had a significant quantity of vacant house, with 50,000 sq ft still available for lease. By the late 1970s, the vacancies at fifty five Water Street and other close by buildings in Lower Manhattan have been being filled. During that schreiner vs archuleta time, the remaining house was leased by companies similar to securities agency Lehman Brothers. By 1979, the building was fully leased; payment-services company American Express had leased the last giant block of vacant area, masking 191,000 sq ft throughout four stories.
RSA created a subsidiary, the New Water Street Corporation, to function and handle the building. The new owners immediately appointed Jones Lang Wootton because the building’s leasing agent. After acquiring the building, RSA planned to remove asbestos, improve the elevators, and add sprinklers to every flooring. RSA hired Kohn Pedersen Fox to design cosmetic remodeling plans, and the pension fund spent over $20 million to remove asbestos from the building and set up a back-up electrical system.
The Whitney Museum introduced it will open a satellite tv for pc location at 55 Water Street by the end of 1971. According to Uris Buildings chairman Percy Uris, the branch “would contribute nicely to the feel of the building and the amenities it provides to individuals who work there”. G. Becker & Co. and NYSE subsidiary Stock Clearing Corporation leased further house that November.
The New York Stock Exchange had thought-about leasing area at the constructing before it was formally announced, however the NYSE ultimately determined towards doing so. The proposal required that the New York City Planning Commission enact a zoning modification in 1968, since elevated plazas could not rise greater than 5 ft (1.5 m) above the curb. In January 1969, the Board of Estimate accredited Uris’s proposal to assemble an elevated pedestrian plaza alongside its constructing. In exchange for developing public plazas next to the building, Uris was allowed to construct a further 485,640 sq ft . Uris constructed an underground concourse with provisions for a connection to an unbuilt New York City Subway station. The concourse was constructed as part of a master plan for transportation in New York City.
The Elevated Acre plaza was rededicated in 2005 following a renovation. The New York City Department of Transportation leased greater than four hundred,000 sq ft in 2006, and publishing company Bowne & Co. additionally leased area. The elevated plaza is a privately owned public area generally identified as the Elevated Acre.
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Jaros, Baum & Bolles was the mechanical, engineering, and plumbing engineer for the constructing. Floor 14 accommodates the building’s main mechanical rooms, ventilation items, and electrical equipment. There is additional mechanical tools within the basement, on the roof, and on floors 2 and 52.