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Did NYC Miss the Boat With DTCC?

NEW YORK CITY-The company's move of 1,600 employees to Jersey City raises the question of whether the city should match out-of-state incentives dollar for dollar.

By Cody Lyon | Updated on October 14, 2009

NEW YORK CITY-The Depository Trust & Clearing Corp.’s Tuesday announcement that it will move 1,600 employees to Jersey City’s Newport Office Center in early 2013 is sending a slight chill down the Lower Manhattan office market. That, despite the holding company’s announcement it will still keep its headquarters as well as around 700 workers on Manhattan Island.

The New York Post reported the 415,000-square-foot DTCC New Jersey space will be subleased from JPMorgan Chase for a price in the low $20s. Currently, Downtown space averages around $42 per square foot, according to Cushman & Wakefield. DTCC, founded in 1999 through the merger of Depository Trust Corp. and National Securities Clearing Corp., is currently located at 55 Water St. Downtown, where it occupies 900,000 square feet.

“There were a variety of factors we took into consideration when we were looking at our relocation plans for the future,” a spokesperson for DTCC tells GlobeSt.com. He says the company had been in internal discussions “for the better part of a year now.”

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