The Real Deal New York

Dash or credit: AmEx’s Hudson Sq. digs marketed for sublease

Four years into 10-year lease at Resnick’s 250 Hudson, enterprise growth division shutters

February 04, 2016 11:20AM
By Mark Maurer Twitter_logo_blue copy

American Express NYC

From left: 250 Hudson Street in Hudson Square, American Express CEO Kenneth Chenault and Serve debit cards

UPDATED, 11:13 a.m., Feb. 5: It appears that enough people left home without them.

After American Express’ enterprise growth division was dismantled, the company has no use for space that housed it.  The Financial District-based credit card giant is now marketing the 27,000-square-foot space at Jack Resnick & Sons’ 250 Hudson Street. 

AmEx launched the division in 2010, developing a new line of reloadable prepaid debit cards aimed at less affluent customers. But the company recently announced it would slash 170 enterprise growth jobs in New York and Florida, and canceled a product launch in Mexico.

As a result, the division’s employees occupying the sixth floor of Jack Resnick & Sons’ 250 Hudson Street will soon vacate, less than halfway into the 10-year lease. A spokesperson for American Express confirmed the full space is being marketed for sublease.

CBRE’s Michael Liss and Bruce Surry, who also declined to comment, are handling the marketing of the space. Jack Resnick & Sons’ Brett Greenberg and Dennis Brady, who declined to comment, represent the landlord in-house.

The landlord, which owns and manages over 5 million square feet of space in Manhattan, acquired the former printing trades building in 1968 and completed a $40 million, full-building renovation in 2008. Other tenants at 250 Hudson Street include public relations firm Edelman and advertising agency Interpublic Group of Companies, which expanded to more than 50,000 square feet there last year.

Asking rents at the Class A building start at $75 per square foot, sources said.

American Express is currently headquartered at 200 Vesey Street at Brookfield Place, occupying about 1.3 million square feet, according to CoStar Group. The company is set to vacate 299,000 square feet sometime this year, Colliers International data show. The company owns the portion of the property it occupies; Brookfield Property Partners owns the rest.

Correction: A previous version of this story incorrectly identified which firm is marketing the space. It is CBRE.