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New York

NY, NJ fight over Depository Trust

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New York and New Jersey are fighting over corporate tenant Depository Trust & Clearing. The company currently occupies 750,000 square feet at 55 Water Street, in a lease that’s not up until the end of 2012. But because the company needs to have electronic infrastructure in place wherever it goes next, it needs to decide soon whether it will stay at 55 Water Street or move to New Jersey, where landlords are offering significant incentives. New York City officials are reportedly talking to the company about staying in its current space. If the company leaves 55 Water Street, it would mean another significant loss for the downtown market, already battered by financial services firms that are putting chunks of sublease space on the market.