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New York

NYSE to move out of 20 Broad Street next year

The stock exchange will not renew its 380K sf lease at the location in a cost-cutting move

From left: Vornado Realty Trust's Steven Roth And 20 Broad Street
From left: Vornado Realty Trust's Steven Roth And 20 Broad Street

IntercontinentalExchange Group, the parent company of the New York Stock Exchange, is leaving its 381,000-square-foot space at 20 Broad Street when its lease expires next year.

The move could generate millions of dollars for the company, according to the New York Post. The lease expires in August 2016, a CBRE broker told the newspaper. Vornado Realty Trust controls the 27-story building at 20 Broad Street under a ground lease that runs through 2081, the newspaper reported. Vornado leases the building from the NYSE.

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Atlanta-based ICE bought NYSE Euronext in 2013 for $8.2 billion and has been cutting cost ever since, according to the newspaper.

The NYSE had the option of extending the lease until 2041. The stock exchange will not leave its 221-year-old trading floor at 11 Wall Street, which is being remodeled. ICE now has the option to sell the land to Vornado or another investor. [NYP] — Claire Moses

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Downtown Office MarketVornado Realty Trust