NYMEX’s parent pursues sale of Lower Manhattan headquarters

TRD New York /
May.May 29, 2013 12:00 PM

CME Group, the Chicago-based commodities exchange operator, said today it plans to sell the headquarters of the New York Mercantile Exchange at 1 North End Avenue in Lower Manhattan.

The final price for the 16-story Nymex building is unlikely to exceed about $400 to $500 per square foot, given that it is half empty and faces competition for Tenants From Brookfield Place and other nearby properties, according to the New York Post, which first reported the offering.

CME tapped Chicago-based Holly Duran Real Estate Partners, its global real estate advisor, and Newmark Grubb Knight Frank’s James Kuhn and Jennifer Schwartzman to explore the sale.

NYMEX has occupied the Class A office building, developed by Forest City Ratner, since it opened in 1997. Currently, the exchange takes up 350,000 square feet. CME said it would keep the trading floor there, regardless of a sale, possibly through a leaseback. Rents for the space would likely be around the low-$50s per square foot, the Post said, citing anonymous sources.

It’s possible that a new owner would split up the triple- and double-height trading floors to add an additional floor, bringing the total square footage to 560,000 square feet, the Post said.

Nymex last attempted to sell the building in 2007 for between $600 million and $700 million, but instead CME acquired the exchange for a reported $9.8 billion in 2008.

CME owns the building on a ground lease from the Battery Park City Authority that expires in June 2069. [NYP]Leigh Kamping-Carder


Related Articles

arrow_forward_ios
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

“For years we all laughed at them”: office brokers warm to virtual tours

“For years we all laughed at them”: office brokers warm to virtual tours
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

How to open up our offices on tonight’s TRD Talk

How to open up our offices on tonight’s TRD Talk
TSCG and SCG Retail's David Firestein, Meridien Retail Leasing's James Famularo and Newmark Knight Frank's Jeffrey Roseman

How to restart retail on today’s TRD Talk

How to restart retail on today’s TRD Talk
“Be very careful what you ask for,” top broker warns borrowers seeking relief

“Be very careful what you ask for,” top broker warns borrowers seeking relief

“Be very careful what you ask for,” top broker warns borrowers seeking relief
Barry Gosin, Sandeep Mathrani and Christian Ulbrich

WeWork taps JLL, Newmark to help negotiate rent relief

WeWork taps JLL, Newmark to help negotiate rent relief
From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Brokerage stocks plunge amid market turmoil
125 Park Avenue (Credit: Google Maps, iStock)

Newmark hires nurse to screen visitors, employee tests positive for Coronavirus

Newmark hires nurse to screen visitors, employee tests positive for Coronavirus
Fears of coronavirus have led some of the world’s most prominent commercial real estate companies to pull out of the MIPIM conference in Cannes, France. (Credit: Getty Images, iStock)

Coronavirus exodus: CRE bigwigs ditch MIPIM

Coronavirus exodus: CRE bigwigs ditch MIPIM
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...