Off-Exchange Stock Marketplace Moves Headquarters to Brookfield Place
By Nicholas Rizzi March 26, 2019 5:29 pm
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OTC Markets Group, a marketplace for shares in companies not listed on stock exchanges, moved its headquarters to Brookfield Place from Soho, OTC Markets announced yesterday.
The firm signed a more than 10-year sublease with Virtu Financial for 33,000 square feet on parts of the 12th floor of Brookfield Property Partners’ 300 Vesey Street, a spokeswoman for OTC Markets said. The spokeswoman would not provide the terms of the deal, but previous subleases with Virtu the building had asking rents of $56 per square foot, as Commercial Observer previously reported.
The deal increases OTC Markets’ headquarters by nearly 10 percent and it made the move from its old digs at 304 Hudson Street between Spring and Vandam Streets yesterday, the spokeswoman said.
“The move to 300 Vesey Street marks a significant milestone for OTC Markets Group, as we expand our corporate footprint and provide enhanced access to our clients, broker-dealer network and community of industry counterparts,” R. Cromwell Coulson, the CEO of OTC Markets, said in a statement.
Jeffrey Peck, Daniel Horowitz, Howard Poretsky and Roi Shleifer of Savills represented OTC Markets in the sublease. Michael Lenchner of Sage Realty handled it for Virtu along with JLL (JLL)’s Frank Doyle, Cynthia Wasserberger and Andrew Coe. Spokespeople for Savills, Sage Realty and JLL did not immediately provide comments.
Virtu assumed 169,000 square feet in the 15-story 300 Vesey Street in 2017 when the company bought rival trading firm KCG Holdings for $1.4 billion, Business Insider reported. KCG moved its headquarters to Brookfield Place in 2015, as CO previously reported.
In December 2018, Virtu subleased 42,000 square feet to digital marketing firm Fluent, Inc. Other tenants in the 522,000-square-foot building include ad agency Momentum Worldwide and health care analytics company IQVIA.
