Arcades of different legal pedigrees dominate the ground plane of this office tower bounded by the northwest side of Water Street, the southwest side of Hanover Square, and the southeast side of Pearl Street. A covered outdoor through block arcade cuts under the building near its southwest end, connecting Water and Pearl Streets. On one side is retail space, including a restaurant that in past summers has placed tables and chairs in the space. No record of City approval for such installation has been found. On the other side is a wall of rusticated gray stone and red brick that is characteristic of the building in general. Serving as visual and physical terminus across Water Street are the escalators to the elevated plaza at 55 Water Street, a space worth visiting if only to see one of the few elevated public spaces in the city as well as pleasant views of Brooklyn across the East River.

The other public space here is a simple “as-of-right” arcade, beginning at the mouth of the through block arcade on Water Street and heralded by a three-piece architectural marker composed of red-brick and gray-stone columns, a pink transverse beam, and a retro steel analog clock. The arcade continues along Water Street and Hanover Square frontages, is unusually large, and defines its perimeter with rectangular columns of the same rusticated gray stone and red brick that wrap around the building. Hanging plants provide some interest.