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

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.