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DTCC May Split Space Between NYC, NJ

NEW YORK CITY-The Depository Trust and Clearing Corp. could move two-thirds of its workforce to Jersey City while maintaining its Downtown headquarters, according to the New York Times

By Paul Bubny | Updated on September 04, 2009

NEW YORK CITY-The Depository Trust and Clearing Corp. may be on the verge of moving 1,600 employees to Jersey City while maintaining its headquarters in Lower Manhattan, the New York Times reported Friday. A final decision has not been reached, and New York City officials still have hopes of steering the back-office employees to Pierrepont Plaza in Brooklyn, according to the Times.

“We don’t think it’s over yet,” Assembly Speaker Sheldon Silver told the Times. “I believe they’re willing to keep at least 700 [employees] Downtown. We’re trying for more.” Silver’s Assembly district includes Lower Manhattan, where the DTCC is headquartered at 55 Water St., Manhattan’s largest office building at 3.8 million square feet.

New Jersey officials had offered the DTCC a package of incentives worth well over $70 million, along with the promise of lower costs to rent space on the western side of the Hudson. The back-and-forth wooing of DTCC by officials including New Jersey Gov. Jon Corzine has gone on since the beginning of the year, the Times says.

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