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London Stock Exchange Relocating Downtown to 28 Liberty Street

Market Takes 75,000 SF, Leaves the Plaza District Behind
October 8, 2018
28 Liberty Street in New York City.
28 Liberty Street in New York City.
The London Stock Exchange has signed a long-term lease to relocate downtown into 75,000 square feet at 28 Liberty St. in a move it says is meant to consolidate its Manhattan operations.

The Exchange’s new space will span the 57th and 58th floors at the 2.3 million-square-foot office building formerly known as One Chase Manhattan Plaza.

Shanghai-based Fosun Property Holdings acquired the 60-story tower in 2013 from JP Morgan Chase, paying $725 million, or about $315 per square foot, according to CoStar data.
See CoStar COMPS #2913369.
Fosun subsequently invested $180 million into redeveloping the property, creating a "dynamic environment," said Peter Riguardi, president of the Tri-State region at Jones Lang LaSalle and member of the team that represented the landlord in lease negotiations.

The landlord’s repositioning program has focused on building improvements and community events like the launch of a summer movie series and the Dine Around Downtown, a food festival in partnership with the Downtown Alliance that brings 40 local restaurants into the building’s plaza. It also built new glass facades to sheath 200,000 square feet of ground-level retail lining the building.

UPDATE: (Oct. 11, 2018) –  Fosun announced this week it is looking for a strategic partner on 28 Liberty Street, but will retain majority ownership in the asset.



The London Stock Exchange occupies space at 1270 Avenue of the Americas, Tishman Speyer’s 31-story Plaza District office tower. Representatives for the London Stock Exchange would not disclose what other office locations it may be consolidating, and CoStar research did not turn up any additional offices.

  For the Record: Thomas Costanzo and Isabella Chen represented Fosun Property Holdings in-house, working alongside JLL's Riguardi, Mitch Konsker, Michael Berman, Daniel Turkewitz and Eliza Akers. CBRE’s Robert Stillman, Harley Stevens and Ariel Ball represented the tenant.



Diana Bell, New York City Market Reporter  CoStar Group   
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