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Liquidnet Holdings Moving to The New York Times Building

Asset Trading Company Subleases 126,000 SF Across Four Floors
February 2, 2018
The New York Times just filled 126,427 square feet of its Times Square headquarters at 620 Eighth Ave. in New York City.

Liquidnet Holdings has agreed to sublet the 17th through 20th floors for a 15-year term. It will relocate from 498 Seventh Ave. in March.

Liquidnet, a trading network for institutional asset managers, was looking for a larger base in Midtown, according to David Dusek, managing director with JLL, which assisted the tenant in its search.

"The New York Times Building offered a large block of contiguous space in one of Midtown’s most modern office buildings, but at a lower operating cost than much of the newer product available," he said.

The Times Square submarket averages $75.84 gross asking rent per square foot, according to CoStar Market Analytics, down 0.62% from a year ago.

Built in 2007, 620 Eighth Ave. is a 52-story, 5-Star office condominium situated between 40th and 41st Streets. The New York Times anchors its namesake building with 557,454 square feet. Law firm Goodwin Proctor LLP is the second-largest tenant in the building, occupying 267,184 square feet. Liquidnet’s sublease will round out the five largest occupiers at the property, behind law firm Covington Burling and asset manager Clearbridge Investments.

Just under 116,000 square feet remains available for lease at 620 Eighth Ave., including 62,116 square feet of direct contiguous space listed with Newmark Knight Frank and a 31,602-square-foot sublease with Savills Studley.

Dusek and Mitchell Konsker, vice chairman at JLL, jointly represented Liquidnet Holdings. Newmark Knight Frank’s Andrew Sachs and Bill Levitsky See CoStar COMPS #1665023.

Diana Bell, New York City Market Reporter  CoStar Group   
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