Morgan & Morgan Secured One Seaport Plaza Lease
The law firm transitioned from a sublease to a direct 70,602-square-foot office lease in Lower Manhattan.
Updated on Oct. 9, 2026 in Commercial
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In the third quarter of 2026, law firm Morgan & Morgan secured a long-term direct lease for 70,602 square feet at One Seaport Plaza. The deal at 199 Water Street follows the firm's initial move into the building as a subtenant in 2023.
Why it matters
The transition to a direct lease provides the firm with a more permanent office location in Lower Manhattan. This agreement also effectively doubles the firm's local office footprint compared to its previous subtenancy.
The firm now occupies 70,602 square feet within the 1-million-square-foot building at 199 Water Street. This lease footprint is significantly larger than the 34,792 square feet the firm held under its previous subtenant agreement.
The players
Morgan & Morgan
This is a prominent national law firm that represents clients in various civil litigation matters.
Cushman & Wakefield
This is a global commercial real estate services firm that provides brokerage and property management solutions.
One Seaport Plaza
This is a major office tower located at 199 Water Street in the heart of Lower Manhattan.
The details
Cushman & Wakefield facilitated the transaction by acting as the broker for both the tenant and the landlord. Built in 1984, the One Seaport Plaza office tower remains a prominent fixture in the local commercial market.
Timeline
One Seaport Plaza was built in 1984.
Morgan & Morgan moved into the building as a subtenant in Q3 2023.
Average Lower Manhattan office rent was $64.88 per foot in Q3 2026.
The new direct lease was reported in October 2026.
Roadmap
This deal highlights a transition toward consolidating permanent office footprints in major financial hubs. It positions the tenant to leverage large-scale assets in older, established towers like One Seaport Plaza against shifting market demand.
The expansion of this law firm signals continued demand for large, contiguous office spaces within the Financial District. Residents and commuters near 199 Water Street may notice increased activity levels as the firm establishes its expanded permanent operations.
The takeaway
Securing a direct lease instead of a sublease provides businesses with greater control over their long-term office infrastructure. This move allows the firm to stabilize its operations and scale its presence in a competitive commercial district.
Further reading
For more on the local market, visit New York City Commercial.
Source note: This article includes information reported by Commercial Observer.
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