Hudson Yards Lands East Side FinTech Firm

Construction on the 51-story, 1.3-million-square-foot 55 Hudson Yards is expected to be completed in 2018.

NEW YORK CITY—MarketAxess, an electronic trading platform for fixed-income securities, is trading its Park Avenue address for 55 Hudson Yards. The firm, which also provides market data and post trade services for global fixed-income markets, is relocating its corporate headquarters from 299 Park Ave., in Midtown East, to more than 83,000 square feet of space across three floors at the 51-story, 1.3-million-square-foot West Side office tower that is expected to be completed in 2018. The building is being developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group. MarketAxess is the fourth commercial office tenant at 55 Hudson Yards and the 15th tenant overall to commit to space at Hudson Yards, leaving less than 15% of the current rentable commercial office space available there to the open market. Approximately 5.8 million square feet of office space at Hudson Yards is currently under construction with 5.1 million square feet committed. In June, Point72 Asset Management announced it was the third tenant to sign on at 55 Hudson Yards, leasing more than 175,000 square feet across six floors at the high-rise property. “MarketAxess’ market leading growth rates are a result of the hard work and dedication of our employees, and the tremendous support we receive from our clients,” says Richard McVey, CEO of the firm. “Our employee base now totals nearly 400, with approximately 250 in our New York City global headquarters. Hudson Yards represents a perfect fit for our corporate mission to deliver innovative technology solutions to our clients. It is transformative, exciting, efficient and environmentally friendly.” Brad Gerla of CBRE represented MarketAxess in the transaction. Robert Alexander and Howard Fiddle of CBRE and Stephen Winter of Related represented the ownership group of 55 Hudson Yards. Jay Cross, president of Related Hudson Yards, says the positive leasing momentum continues at the Hudson Yards development. “MarketAxess joins financial industry titans KKR, Wells Fargo Securities and Point72, clearly establishing Hudson Yards as Manhattan’s new up and coming financial center. With over 85% of the commercial office space under construction already committed, Hudson Yards has proven that it is the premier office location for forward-thinking, innovative CEOs and their talented teams.” Hudson Yards is on track to open its entire first phase by 2019. The 10 Hudson Yards property—home to Coach Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs—opened in May. Sales for the 285 residences at 15 Hudson Yards will launch in September. 55 Hudson Yards, also home to Boies, Schiller & Flexner and Milbank, Tweed, and Hadley & McCloy LLP will open in 2018. The 1-million-square-foot retail center and five-acre public plaza will open in the fall of 2018, followed in 2019 by 30 Hudson Yards, the commercial office tower that will house KKR, Wells Fargo Securities, TimeWarner, HBO, CNN and Related. Hudson Yards, when built-out, will include 17 million square feet of commercial and residential space; more than 100 shops and restaurants, including New York City’s first Neiman Marcus and signature restaurants by chefs Thomas Keller, José Andrés and Costas Spiliadis; approximately 4,000 residences; 14-acres of public open space; a new 750-seat public school and a more than 200-room Equinox branded luxury hotel.