WSA, an office tower in Manhattan, is becoming an unlikely It building

Deep in the canyons of New York’s financial district stands an office tower that fits the cultural moment, for better or worse. It could be the first “it” building.

Known as the WSA Building (short for Water Street Associates), the 31-story building at 175 Water Street has become a magnet for people who might not otherwise set foot in this neighborhood of bankers and brokers.

It is owned by developers who received a $41.3 million tax break under a recently established New York government program to finance their vision and associated $150 million renovation.

Built in 1983, the tower was long the global headquarters of insurance giant AIG. After AIG sold the building for about $270 million in 2019, it sat virtually empty through much of the pandemic as numerous companies, including AIG, left the financial district. In late 2022, an LLC under the name 99c purchased the building for $252 million and announced a bold plan to “reimagine” the property.

Instead of the underwriters and claims adjusters who once toiled on the floors, the building is now filled with artists, designers and boutique creative agencies, many of which pay rent well below the going rate. At night it has become the site of spectacular events, generating tons of social media content and press coverage.

Model Emily Ratajkowski hosted two parties there after the annual Met Gala, which included Kendall Jenner and singers Lana Del Rey and Bad Bunny. At two awards dinners held in the building, GQ magazine attracted the who’s who of the modern status sphere: Formula One champion Sir Lewis Hamilton, writer Min Jin Lee, Apple boss Tim Cook and the eclectic Donald Glover. In September, when Ms. Jenner wanted to show the world that she had gone blonde, she posted photos of herself taken in the tower.