MarketAxess takes 83K sf at 55 Hudson Yards

Company is ditching 299 Park Avenue

TRD New York /
Aug.August 23, 2016 11:37 AM

An electronic trading platform is ditching its Park Avenue digs for Hudson Yards.

MarketAxess has inked a lease for 83,000 square feet across three floors at 55 Hudson Yards, the New York Post reported. The company is moving its global headquarters from the Fisher Brothers’ 299 Park Avenue. Its new home, a 1.3-million-square-foot, 51-story tower, is being developed by the Related Companies, Oxford Properties Group and Mitsui Fudosan America.

The terms of the lease were not immediately available. CBRE’s Brad Gerla represented MarketAxess in the deal. The building owners were represented by CBRE’s Robert Alexander and Howard Fiddle and by Related’s Stephen Winter.

In April, the law firm Milbank, Tweed, Hadley & McCloy signed a letter of intent to lease nine floors of the tower. A few months later, Point72 Asset Management, the company charged with managing Steven Cohen‘s $11 billion fortune, signed a 175,000-square-foot lease at the $1.4 billion building.

Crain’s reported yesterday that about 2 million square feet of office space will soon be vacant along Park Avenue, where buildings average 55.6 years, and generally feature lower ceilings and structural columns.

Last week, Equity Residential founder Sam Zell told Bloomberg that too much office space is flooding the market, saying that while Hudson Yards is adding 10 to 12 million square feet of office space, he doesn’t “see 10 to 12 million square feet of demand[NYP] — Kathryn Brenzel

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Could this be the future of a 11-block stretch of Park Avenue?