GFP Real Estate, LLC is pleased to announce it has signed three leases totaling 10,962 square feet at 40 Exchange Place in Manhattan’s Financial District.
In the first transaction, Argus, LLC d.b.a WOW Payments, a leading merchant services provider that saves businesses money by eliminating costly markups and hidden fees, will expand its presence at 40 Exchange Place in Manhattan’s Financial District, doubling its total footprint from 2,595 square feet to 5,368 square feet.
WOW Payments first moved into the building in 2016. The company, which currently has 2,595 square feet of office space on the fourth floor, signed a long-term lease extension for 5,368 square feet comprising 1,068 square feet on the fourth floor and 4,300 square feet on the seventh floor, respectively.
Allen Gurevich, senior managing director of GFP Real Estate, represented the owner, 40X Owner LLC and the tenant in the transaction. WOW Payments moved into its new space in March 2024; the space was previously occupied by Etihad Airways.
“WOW Payments needed additional space to accommodate the company’s recent growth,” said Gurevich. “We are happy to be able to accommodate WOW at 40 Exchange as they continue to expand their operations.”
In the second transaction, Spiro Harrison & Nelson, LLC, a litigation and dispute resolution law firm with offices in New York, New Jersey and Miami, signed a new lease for 2,125 square feet on the 14th floor. The space, which was previously occupied by Golden, Rothschild, Spagnola, Lundell, Boylan, Garubo & Bell P.C., will be used for the firm’s general and executive offices.
Allen Gurevich of GFP Real Estate, represented the owner, 40X Owner LLC, in the transaction; Masha Dudelzak of CBRE represented the tenant.
In the third transaction, Dovetail Investment Group, a full-service financial services firm, signed a new lease for 3,469 square feet on the 6th floor. The space, which was previously occupied by Berkman Funding, will be used for the firm’s general and executive offices.
Allen Gurevich of GFP Real Estate, represented the owner, 40X Owner LLC, and the tenant in the transaction.
Although the terms of the transactions were not disclosed, each of the following leases ranges from three to five years. Asking rents at the building are approximately $45 per square foot.
40 Exchange Place, formerly known as the Lord’s Court Building, was completed in 1893 by the architect John Townsend Williams. The building serves as a hub for innovation in the heart of the Financial District of Lower Manhattan and served as the Headquarters for the New York Stock Exchange from 1856 to 1865. Various office spaces are available ranging from 1,000 to 15,000 RSF and provide flexible yet efficient layouts to accommodate the needs of every tenant.
The historic 20-story building has been renovated and re-imagined as the state-of-the-art workplace it is today and enjoys the numerous transportations connections serving Wall Street and the wider Financial District as well as a wide range of dining and retail options.
About GFP Real Estate, LLC
Committed to building a better New York since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York metropolitan area. With over 56 buildings and more than 13.8 million square feet under ownership, GFPRE’s portfolio includes some of New York’s most iconic real estate assets.