The former J.P. Morgan headquarters at 23 Wall Street is rethinking how to attract a retail tenant after losing its last one in 2006, the New York Observer reported.
The 150,000-square-foot space is across the street for the New York Stock Exchange, but businesses have been skittish about moving to the Financial District — despite its heavy foot traffic — because the success of retail there is so connected to the fortunes of financial firms.
Also known as the Corner, 23 Wall Street should be able to generate rents of $350 to $400 per square foot, according to Joanne Podell, an executive vice president in Cushman & Wakefield’s brokerage division, which has been marketing the property since 2011.
“We’ve had a lot of interest from department stores,” Podell said. “But because of the limitations to getting trucks in and out and maintaining enough sales volume, it’s going to be tough.”
And although both Brooks Brothers and Apple have eyed the space, Podell added that they an increasingly looking towards none retail uses for the space. “I think the buildings would be great for entertainment uses,” she said. “There’s also potential for institutional use, meaning financial services.” [NYO] –Christopher Cameron