London Stock Exchange relocating to the Financial District

World’s oldest stock exchange is taking 70K sf at Fosun’s 28 Liberty

TRD New York /
Oct.October 01, 2018 03:23 PM

From left:  London Stock Exchange’s David Schwimmer, 28 Liberty Street, and Fosun Property’s Bo Wei (Credit: Twitter, SOM, and Getty Images)

Wall Street, meet Paternoster Square.

The London Stock Exchange Group – headquartered across the pond in London’s version of Wall Street, Paternoster Square – is moving its New York City offices from Midtown to the Financial District, sources told The Real Deal.

The stock exchange is taking roughly 70,000 square feet on the 57th and 58th floors of Fosun Property’s 60-story skyscraper at 28 Liberty Street, a few short blocks from Wall Street.

Representatives for Fosun and the London Stock Exchange did not respond to requests for comment.

The London Stock Exchange Group – also known as LSEG – is based in New York City at Tishman Speyer’s 1270 Sixth Avenue, where it shares offices with the stock-market index provider FTSE Russell.

The British made a big expansion stateside in 2014 when it paid $2.7 billion to buy the Seattle-based Russell Investments, owner of the Russell 2000 stock market index that tracks small-cap companies.

The company’s namesake London Stock Exchange, founded in 1801, is the oldest stock market in the world and currently the sixth largest behind the New York Stock Exchange, Nasdaq, the Tokyo Exchange Group, the Shanghai Stock Exchange and the Hong Kong Stock Exchange.

The move to 28 Liberty puts the LSEG just a few blocks away from the New York Stock Exchange’s headquarters at the corner of Broad and Wall streets, which had traditionally been the epicenter of finance but has fallen out of favor as technology allowed banks and other institutions to move elsewhere in the city.

Nasdaq, for example, signed a lease in February to relocate its headquarters from One Liberty Plaza across from the World Trade Center to 145,000 square feet at the Durst Organization’s 4 Times Square. And Deutsche Bank, one of the last few big banks located in the Financial District, is planning to move its offices from 60 Wall Street to the Time Warner Center at Columbus Circle.

Fosun, meanwhile, is making progress on its repositioning of the 2.2 million-square-foot 28 Liberty, formerly One Chase Manhattan Plaza, which it bought for $725 million in late 2013.

Fosun Property Holdings, the real estate arm of China’s Fosun International, finalized a deal earlier this year to lease 130,000 square feet in the office tower to information-services firm Wolters Kluwer.

In July, restaurateur Danny Meyer opened his Manhattan restaurant, which Fosun is a financial partner in, in a space with sweeping views of Lower Manhattan on the tower’s 60th floor.

Other tenants in the building include the New York State Attorney General’s office, and the financial-trading firm Broadway Technology.

Alamo Drafthouse is set to open a 10-screen multiplex at the property, which Fuson financed late last year with an $800 million loan from Deutsche Bank and HSBC.

Peter Riguardi, John Wheeler and Mitchell Konsker at JLL, which has its Downtown offices on the building’s 30th floor, are handling leasing at 28 Liberty.

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