Search
 

New York Life Eyes Westchester & NJ for 1,000-Employee Relocation

NEW YORK CITY-The firm wants to decentralize by moving roughly 25% of its Manhattan-based employees to a second office. Company officials insist there are not plans to abandon the firm's NYC headquarters.

By Glen Thompson | Updated on December 18, 2002

NEW YORK CITY-The New York Life Insurance Co. will relocate roughly 25% of its Manhattan staff out of the city, company officials tell GlobeSt.com. The firm says its decision to decentralize was based on the possibility of a catastrophic event hobbling its operations here, and that Westchester and New Jersey are both on its radar screen as potential satellite office locations.

While the firm insists it will retain its NYC headquarters, it is considering suburban locations for approximately 1,000 of its 4,000 Manhattan workers. The firm occupies the bulk of the space at its 51 Madison Ave., headquarters, a 1 million-sf landmark property owned by the company. The firm leases another 400,000 sf or so across the street at 63 Madison Ave.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.