Nasdaq is ditching downtown for the Durst Organization’s 4 Times Square.
The stock exchange company inked a 145,000-square-foot lease for part of the space formerly occupied by publisher Conde Nast. With the deal, Durst has leased up about 68 percent of Conde Nast’s space, the Wall Street Journal reported.
Nasdaq is moving from One Liberty Plaza, its home of 18 years. The firm has long occupied a small space at 4 Times Square that it uses for events.
“Looking at how much time and energy we were spending with clients in Times Square, we realized some employees lose out on spending time with clients and we were bifurcating employees unnecessarily between One Liberty and Times Square,” the company’s CEO Adena Friedman told the Journal.
The Blackstone Group recently agreed to buy a 49 percent stake in One Liberty, which is owned by Brookfield Property Partners. Blackstone’s deal valued One Liberty Plaza at $1.55 billion. [WSJ] — Konrad Putzier