BlackRock narrows HQ search down to three locations

One World Trade Center and BlackRock’s Larry Fink

One World Trade Center and BlackRock’s Larry Fink

Asset manager BlackRock narrowed its list of potential new headquarters locations down to three: The Durst Organization’s One World Trade Center, the Related Companies and Oxford Properties Group’s Hudson Yards and Brookfield Property Partners’ Manhattan West.

The company currently occupies around 700,000 square feet in two buildings – 55 East 52nd Street and Rudin Management Company’s 40 East 52nd Street – where its lease expires in 2023. The Real Deal reported in February that it tapped a JLL team headed by Peter Riguardi to find a new, larger office space.  According to the Wall Street Journal, BlackRock is looking to lease 850,000 square feet at a possible annual rent of around $60 million.

One World Trade Center was 69 percent leased as of early June, and landing Blackrock would bring the 3 million-square-foot tower close to full occupancy. Hudson Yards, meanwhile, has already landed major finance tenants Wells Fargo and fund manager KKR.

BlackRock's employee count has grown from 5,341 at the end of 2008 to currently 13,000. As banks and other Wall Street firms suffered from the aftermath of the 2008 financial crisis and stricter financial regulation, asset managers like BlackRock and the Blackstone Group have captured market share.

[WSJ] – Konrad Putzier,

The Real Deal, Asset manager considering 1 WTC, Hudson Yards and Manhattan West
July 27, 2016 05:40PM

 

 

High-frequency trading firm takes 69K sf at 4 WTC

Hudson River Trading leaving current FiDi office at 32 Old Slip

4 World Trade Center in the Financial District (credit: Silverstein Properties)

4 World Trade Center in the Financial District (credit: Silverstein Properties)

High-frequency trading firm Hudson River Trading is taking 69,000 square feet of office space at Silverstein Properties 4 World Trade Center in the Financial District.

The company will occupy the 57th and 58th floors at the 72-story, 2.3 million-square-foot office tower starting next year.

Hudson River Trading’s space comes with a 5,000-square-foot outdoor terrace located on a setback on 4 WTC’s 57th floor and invisible from the street, according to the New York Post. The terms of the deal and asking rents at the building were not disclosed.

The firm, which uses automated trading algorithms to carry out its high-frequency trading operations, will be leaving its current office at 32 Old Slip, also in the Financial District.

Hudson River Trading will join the likes of software company MediaMath, which has 106,000 square feet at 4 World Trade Center, and sports cable network SNY, which occupies 83,000 square feet there.

The Port Authority of New York and New Jersey anchors the property, which houses the agency’s 650,000-square-foot headquarters.

Swiss insurance giant Zurich’s U.S. subsidiary is reportedly in negotiations to take around 70,000 square feet at 4 World Trade Center, as Crain’s reported earlier this month. [NYP] – Rey Mashayekhi