Nasdaq to move New York headquarters to Times Square from downtown


NEW YORK (Reuters) – Nasdaq Inc (NDAQ.O) said on Wednesday it would relocate its global headquarters from downtown Manhattan to midtown, expanding its presence at the Times Square office tower from where it broadcasts the market opening and closing bell ceremonies. Nasdaq will expand its space fivefold at 4 Times Square, a 48-story tower owned by The Durst Organization. The building, built in 1999, recently underwent a $140 million renovation that included a new entrance and lobby, among other upgrades. The exchange’s increased presence in the heart of Manhattan will drive its brand forward and offer an “unparalleled experience” for its clients, Nasdaq said in a statement. Nasdaq’s plans include a state-of-the-art corporate event space, designed to host more than 400 people, on the 10th floor, featuring an outdoor terrace overlooking Times Square, the company said. The 15-year lease for 145,000 square feet includes an extension of the current 24,000 square foot MarketSite lease. Further terms on the transaction were not disclosed. Times Square is a major tourist destination for visitors to New York and a magnet for retailers’ flagship stores. Commanding more than $2,000 a square foot, it remains in strong demand for both retail and entertainment. Nasdaq last week posted higher-than-expected fourth-quarter earnings amid a rise in revenue from non-trading related businesses, now a bigger part of the exchange’s strategic focus. Reporting by Herbert Lash; Editing by Bernadette BaumOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters