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Nonprofit MJHS Health is consolidating offices into two floors at 55 Water St. in Lower Manhattan's largest office lease in 18 months

Fintech Startup Inks Manhattan’s Largest Sublease of Pandemic

Wharton Property Advisors (WPA) served as exclusive agent to fintech startup DailyPay in subletting 137,000 square feet at Retirement Systems of Alabama’s 55 Water St. in Lower Manhattan’s Financial District. Reportedly it’s the largest Manhattan sublease deal to be forged during the pnademic. 

‘This deal is an affirmation of the three C’s – community, creativity and camaraderie,” said Ruth Colp Haber, WPA partner.  “It is also a wonderful example of a cutting-edge financial technology company which is in the vanguard of the return to office and its commitment to New York City.”  

DailyPay is more than tripling its office space in the move to 55 Water St., accounting for roughly two-thirds of the 207,000 square feet of sublease space S&P Global put on the market. CBRE’s Paul Myers and Michael Liss represented S&P and will continue to market the remaining 70,000 square feet to potential tenants. 

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Wharton PropertiesCBRE’s Myers

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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