Condé Who?: Nasdaq Moving Global HQ to Durst’s 4 Times Square
The stock exchange signed a 15-year lease at the 48-story, 1.8-million-square-foot office tower on Broadway between West 42nd and West 43rd Streets, Nasdaq announced today. The building is already home to Nasdaq’s 24,000-square-foot MarketSite marketing and broadcasting facility, where the exchange holds its opening and closing bell ceremonies, and notable for its large, cylindrical LED display hovering over Times Square.
Nasdaq plans to officially begin occupying its new space by the end of 2020, a spokesman told Commercial Observer. It will be moving from Brookfield (BN) Property Partners’ One Liberty Plaza in the Financial District, which has served as its headquarters for nearly 18 years, according to The Wall Street Journal, which first reported news of the deal.
The stock exchange’s expanded presence at 4 Times Square will include a 10th floor event space featuring a 2,100-square-foot outdoor terrace that will function as an extension of the MarketSite facility and host corporate and industry engagements. Nasdaq also extended its current lease on the MarketSite facility as part of the deal, it said.
Rents in the transaction were not immediately clear. Nasdaq was represented by Newmark (NMRK) Knight Frank’s Michael Ippolito and Cushman & Wakefield (CWK)’s Robert Tanzmann, while the Durst Organization was represented in-house by Tom Bow, Rocco Romeo and Tanya Grimaldo.
Durst has invested $140 million in a capital improvement program for 4 Times Square in the wake of former anchor tenant Condé Nast’s departure in 2014. The improvements include a 45,600-square-foot amenity floor featuring a café and coffee bar run by Michelin-starred chef Claus Meyer and conference and event spaces managed by Convene.
The landlord said it has leased more than half of the space formerly occupied by Condé Nast, with the Nasdaq deal representing “the first of the building’s upper floors to be leased prior to Skadden, Arps, Slate, Meagher & Flom’s departure in 2020,” it said. The law firm will be moving to Brookfield’s 1 Manhattan West office tower on the Far West Side.