|
Getting your Trinity Audio player ready...
|
By: Serach Nissim
Global trading firm Jane Street is eying an expansion of its office space at Brookfield Place. As reported by The New York Post, the quantitative trading firm and liquidity provider already has roughly 500,000 square feet at 250 Vesey St in Lower Manhattan. The company is reportedly in talks with landlord Brookfield Properties to expand its lease, by taking on more space next door at 300 Vesey St.
Established in 2000, Jane Street is an electronically-driven market mover, boasting 2600 employees across five global offices. The company continuously trades globally on over 200 electronic exchanges and other venues, making it one of the world’s largest market makers. The company is famed for building almost all its software in-house, including its critical trading and risk management systems, using a statically typed functional programming language named OCaml.
As of 2021, its trading capital was about $15 billion. In 2023, the private firm generated $10.6 billion in net trading revenue, with adjusted earnings of $7.4 billion. The company has offices in London, Singapore, Hong Kong, Chicago as well as other major cities. Its New York office is its largest.
Brookfield Place is a 14-acre shopping center and office building complex in Manhattan’s Battery Park neighborhood, across West Street from the World Trade Center, boasting waterfront views of the Hudson River. 250 Vesey St , where Jane Street currently has its offices, is a 34-story office building, first opened in 1986, and formerly known as Four World Financial Center. One of four buildings in Brookfield Place, 250 Vesey boasts 1.8 million square feet of space. Other notable tenants at 250 Vesey include Scotiabank, Droit Financial Technology, Janie & Jack, Hudson’s Bay Company, District Attorney of New York and College Board.
Next door, 300 Vesey St is a 15-story building, built in 1996, with a total of 555,851-square-feet of space, including 300,000 square feet of luxury retail and dining. The buildings offer extensive dining and public space, world-class amenities, and are LEED Gold certified, Energy Star rated and 2023 WELL Health-Safety rated. Brookfield Properties, established in 1923 and currently led by CEO Brian Kingston, took over the complex in 2014, renaming it Brookfield Place.
Per the Post, market sources have confirmed that Jane Street is in ongoing negotiation with Brookfield to expand its New York footprint. It has not yet been divulged how much more space the company would take on. An expanded lease by Jane Street would be good news for the entire area Downtown neighborhood. Midtown and Midtown South have been making strides towards a post-pandemic rebound. Overall, Manhattan’s roughly half-a-billion square feet market finally saw healthy corporate expansions in the third quarter of 2024— especially in Class-A and “trophy” buildings. Still, office space in the financial district and Downtown has still been lagging. CBRE reported overall year-to-date leasing was up 32 percent over 2023.
Overall, Manhattan leasings’ third quarter was 8% ahead of the five-year quarterly average. Midtown South leasing was 29% ahead of the district’s five-year quarterly average, while Midtown’s leasing was 5% higher than the five-year quarterly average, as per CBRE.
