Trading Firm Tower Research Consolidating NYC Offices to 122K SF at 120 Broadway
By Mark Hallum September 6, 2023 2:11 pm
reprints
Tower Research Capital is consolidating its two New York City offices into one 121,903-square-foot space at 120 Broadway.
The trading firm signed a 15-year lease for the 37th, 38th and 39th floors of the tower, also known as the Equitable Building, and will relocate from 148 Lafayette Street and 377 Broadway in the fourth quarter of 2024, according to landlord Silverstein Properties.
Silverstein did not disclose the asking rent, but a recent report from Lee & Associates NYC placed the average asking rent in downtown at $56.99 per square foot, the lowest in Manhattan.
“In our search for a new global headquarters, our primary goal was to find a great space to cultivate our unique culture, and foster employee collaboration as we continue to grow,” Joseph Doherty, Tower Research’s global head of corporate services, said in a statement. “120 Broadway offers inspiring space across three top floors, access to world-class amenities, the infrastructure needed to accommodate our complex networks and systems, and a central location that will allow us to attract and retain top talent.”
Silverstein was represented by Scott Klau, Brian Waterman and Erik Harris of Newmark (NMRK) as well as in-house by Joseph Artusa and Harlan Strader. Luke Raimondo, Mark Weiss and Michael Mathias of Cushman & Wakefield (CWK) handled negotiations on behalf of the tenant with help from Tower Research’s Doherty, Donald Wehmann and Matthew Faucetta.
“Tower is an innovative leading firm with demanding needs and a very high sense of aesthetics,” Weiss said in a statement. “The top floors of 120 Broadway matched these needs well. However, the most notable match was both landlord and tenant’s desire to preserve the historic features of the soaring ceilings and incredible architectural detail.”
Newmark did not immediately respond to requests for comment.
In 2019, Silverstein kicked off a $52 million renovation of the landmarked building that more or less restored it to its original 1915 condition. The renovation coincided with a number of subsequent lease deals such as Bark taking 52,000 square feet on the 12th floor in November 2021.
New York City Housing Development Corporation also signed a lease for 109,000 square feet across the entire second and third floors of the building in August 2022, Commercial Observer reported at the time.
Mark Hallum can be reached at mhallum@commercialobserver.com.
