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GlobeSt.com UPDATE: Morgan Stanley to Relocate Division to Former Texaco HQ

WHITE PLAINS-Morgan Stanley plans to relocate its Individual Investor Group headquarters from Manhattan to the former Chevron/Texaco headquarters it purchased earlier this year. The financial-services firm will also build a large trading floor and eventually house 2,200 employees there.

By John Jordan | Updated on November 14, 2002

WHITE PLAINS-A chief official with Morgan Stanley reveals that the firm plans to begin construction soon to transform the former Chevron/Texaco building into the headquarters for its Individual Investor Group as well as a business continuity location. George Drake, managing director of global services for Morgan Stanley, notes that the firm also plans to build a “large trading floor” at the 725,000-sf facility. Drake was the guest speaker at the Westchester County Board of Realtors’ Commercial Investment Division meeting yesterday at the Board’s offices in White Plains.

Drake says that the start of construction at the 2000 Westchester Ave. site is imminent and that the firm intends to undertake a massive renovation of the facility. He notes that in addition to the trading floor, the building will serve as the corporate headquarters of its Individual Investment Management Group, which is currently housed in temporary offices on Third Ave. in New York City.

“We plan to build a very large trading floor in Westchester,” Drake says. While he did not divulge a definitive size, Drake noted that the trading floor would entail one floor plus a quadrant of another floor at the property. That would put the size of the trading space at approximately 120,000 sf. Morgan Stanley currently maintains a trading floor at its corporate headquarters at 1585 Broadway.

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