Lease Beat

BATS Global Markets Expands at 17 State Street

Electronic exchange operator BATS Global Markets has signed a 14,901-square-foot expansion at RFR Realty‘s 17 State Street, taking the entire 31st floor, The Commercial Observer has learned. 

The tenant, which has tripled its space at the Lower Manhattan tower from 7,234 square feet, will pay rent starting in the mid-$50s per square foot, according to data from CompStak. Asking rents at 17 State Street are $58 per square foot.

RFR_17 State StreetBATS Global Markets first signed a lease for a portion of the 32nd floor at 17 State Street late last year. In August of this year, the Kansas City-based company announced it had agreed to merge with Jersey City-headquartered exchange operator Direct Edge. It could not be immediately confirmed whether Direct Edge would relocate employees to 17 State Street.

“This is a great story and a testament to Downtown Manhattan, as well as 17 State Street,” said AJ Camhi, vice president at RFR Realty, who represented the landlord in-house. “[BATS] could have gone to Jersey City and consolidated offices, but instead chose to expand due to the efficiencies of the floors and the incredible views.”

Over the past three years, RFR Realty has closed approximately 300,000 square feet of leases at 17 State Street and has achieved rents of $60 per square foot on one of those deals. “For Downtown Manhattan, that’s the equivalent of passing the $150 mark in Midtown,” Mr. Camhi noted.

A further 21,000 square feet of leases are expected to close before the end of the year, also near the $60 mark. 

“Momentum at the building has been phenomenal,” Mr. Camhi noted.

Mr. Camhi represented the landlord in-house alongside Director of Leasing Steve Morrows. John Thompson of JRT Realty Group represented the tenant in its first lease at 17 State Street but did not immediately return requests seeking comment about the most recent deal.   

Follow Gus Delaporte via RSS. gdelaporte@observer.com