NEW YORK CITY—Nasdaq is moving its global headquarters from downtown Manhattan to its current Nasdaq MarketSite location at 4 Times Square. It has signed a 15-year lease with the Durst Organization for 145,000 square feet which includes the extension of the current lease of its MarketSite operations. This division provides the commercial marketing presence of the Nasdaq stock market in a glass-enclosed, 24,000 square-foot area at the northwest corner of the ground floor of the building.
The new lease increases by fivefold Nasdaq's existing footprint in the 48-story glass tower. The MarketSite event space expanding to the 10th floor will feature a 2,100 square-foot outdoor terrace overlooking Times Square, above the Nasdaq tower. It will have the capacity to host more than 400 people.
The new global headquarters will remain the center for the opening and closing market bell ceremonies, broadcast and media correspondence facilities, and Nasdaq tower and marquee advertising opportunities. It will also house the Market Intelligence Desk, where market professionals provide clients with real-time market analysis and information.
MarketSite's expansion and relocation will begin with construction this summer, with completion scheduled for December 2021. The stock exchange's phased move-in from their current offices at One Liberty Plaza will begin in spring 2019.
Nasdaq was the first electronic stock market in the world and has approximately 3,900 total listings with a market value of approximately $13 trillion. Adena Friedman, president and CEO of Nasdaq, stressed the major role the company has played in the growth of corporate America by raising capital through the public markets.
She noted how Nasdaq has expanded and its technology powers to more than 90 marketplaces worldwide. “This increased presence in the iconic Times Square, New York, will further drive our brand forward, and will offer an unparalleled experience for our clients for years to come,” says Friedman.
“As one of the building's original tenants when it opened in 1999, we are pleased Nasdaq has chosen to consolidate their corporate headquarters, and bring their leadership team to 4 Times Square,” says Jonathan (Jody) Durst, president of the Durst Organization.
The Durst organization recently completed a $140 million capital improvement program at the building which also has the address 151 W. 42nd St. This included a 45,000 square-foot floor for tenant services featuring an eatery and coffee bar run by the Michelin-rated chef, Claus Meyer, and conference and event spaces managed by Convene. Over half of the space which Condé Nast occupied prior to moving to One World Trade Center, has been leased. The Nasdaq deal marks the first of the building's upper floors to be leased prior to the Skadden, Arps, Meagher & Flom departure scheduled for 2020.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
