DTCC Moving 1,600 Employees from Manhattan to Jersey City
Financial Services Firm Takes 415,000 SF at Newport Office Center
October 14, 2009
The Depository Trust & Clearing Corp. (DTCC) is moving the majority of its Manhattan staff to Jersey City.
The financial services firm is relocating about 1,600 employees to a 415,000-square-foot space at 570 Washington Blvd. in the Lefrak Organization's Newport Office Center. The move is to occur in early 2013, following the expiration of DTCC's headquarters lease in New York.
The decision came after a series of lengthy discussions with New York and New Jersey officials, noted Donald F. Donahue, chairman and CEO of DTCC.
New Jersey won out, largely due to the efforts of Governor Jon S. Corzine, Chief of the Office Economic Growth Jerry Zaro and New Jersey Economic Development Authority (EDA) CEO Caren Franzini. "The Governor personally called me several times to discuss the economic and business advantages of relocating to New Jersey and made a persuasive case on the benefits of this move," said Donahue.
DTCC worked with outside consultants and real estate professionals over the past year, examining long-term lease costs, economic incentives, infrastructure support and convenience for its employees. It was determined that New Jersey would allow the financial company to manage its cost structure and allow for future growth, Donahue said.
DTCC benefits from the EDA's Business Employment Incentive Program (BEIP), which provides annual incentive grants for businesses that move to the Garden State. The firm also receives additional support from the newly authorized Economic Redevelopment and Growth (ERG) Grant Program, which was signed into law in July as part of the Economic Stimulus Act of 2009.
DTCC currently leases 893,984 square feet at 55 Water St. in New York's Financial District, according to CoStar information. The company plans to maintain a presence in Manhattan, keeping its headquarters and about 700 employees in the city.
"We are continuing to negotiate for space in lower Manhattan to accommodate our corporate headquarters and a number of new growth businesses," said Donahue.