Brokerage Firm Triad Securities Downsizes in 115 Broadway
By Lauren Elkies Schram May 10, 2018 10:25 am
reprints
Triad Securities, which offers global prime brokerage, trade execution and new issue information services, is shrinking its space at 115 Broadway in the Financial District, a source told Commercial Observer.
The firm, founded in 1976, has signed a new lease for 10,828 square feet on the 11th floor at the building also known as 2 Trinity Centre, a reduction from the entire 20,000-square-foot 11th floor it has leased for decades, the source said.
“They never used the whole floor,” the source said. “They sublet it out.”
Triad Securities announced at the end of 215 that it would expand its offerings of managed suites at 115 Broadway by adding 7,500 square feet exclusively for hedge fund managers and introducing custom suites ranging from 1,000 to 5,000 square feet.
Triad Securities’ new lease is for eight years and the asking rent was $55 per square foot, the source said.
Brad Gerla and Adam Foster of CBRE (CBRE) are the building agents, but in this deal they represented the tenant. Hani J. Salama, a senior vice president at landlord Capital Properties, represented the owner in-house. Gerla declined to talk about the details of the deal, but emailed: “The landlord went out of their way to accommodate Triad who has had a history of over two generations in the building.”
Salama said Triad “has been in that building for 40-plus years. They’re one of our oldest tenants so we accommodated them by downsizing.” Capital Properties will likely turn the remaining 10,000 or so square feet of the floor into a prebuilt space.
The landmarked 22-story 115 Broadway and 111 Broadway together amass approximately 1 million square feet and are known as the Trinity Centre. Salama highlighted that the landlord is spending close to $6 million to replace 3,300 windows at both buildings to make them more energy-efficient. And the company is finishing up installation of LED exterior lighting on the buildings so they can change colors.
Other tenants at 115 Broadway include coworking giant WeWork (WE), which took 85,000 square feet across four floors, as CO previously reported, advertising agency Gyro and online greeting card company Paperless Post.
