The Real Deal New York

Trading firm KCG wants 200K sf at Brookfield’s NYMEX building

New Jersey-based company would take up almost half of the building

July 17, 2015 02:50PM

1 North End Avenue in the Financial District

1 North End Avenue in the Financial District

KCG Holdings, a Jersey City-based brokerage and automated trader, is in talks to lease a whopping 200,000 square feet in the New York Mercantile Exchange building, owned by Brookfield Property Partners.

The square footage represents a significant chunk of the building’s total 509,000 square feet, Bloomberg News reported. Located at 1 North End Avenue, the building is part of Brookfield Place.

CME Group, the operator of Nymex, has shut many of its trading pits in the building recently and plans to scale back operations further.

Brookfield purchased the 15-story property from CME for $200 million in 2013. The developer knew that CME planned to scale back, creating a pending vacancy.

According to Bloomberg, KCG is looking to sublease its 270,000-square-foot Jersey City office space to JPMorgan. The bank would move approximately 2,150 employees from three locations in New York City across the river.

KCG was formed by the merger of Knight Capital Group and Getco. [Bloomberg News] — Tess Hofmann

Correction: An earlier version of this article misstated which bank was planning to move to Jersey City.