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Nasdaq Relocating to 145,000 SF at Durst’s 4 Times Sq

The Exchange to Begin Moving into New HQ in 2019
February 8, 2018
Shot of Nasdaq Tower, credit: Nasdaq
Shot of Nasdaq Tower, credit: Nasdaq
Nasdaq has decided to relocate its global headquarters to 4 Times Square, the 48-story, 1.8-million-square-foot office tower owned by The Durst Organization.

The exchange signed a 15-year lease for a total of 145,000 square feet, inclusive of an extension on 24,000 square feet currently occupied by its MarketSite division. MarketSite moved into 4 Times Square in January 2000, according to CoStar data.

Nasdaq will begin moving its New York City employees into the space in 2019, according to The Durst Organization. But the full relocation and expansion on MarketSite’s space is not expected to complete until December 2021. As part of the deal, MarketSite’s 10th floor space will incorporate a 2,100-square-foot outdoor terrace for its exclusive use that is capable of hosting 400 attendees for company events. Nasdaq's new headquarters will occupy two additional floors at the building.

"Bringing together our New York employees at our new headquarters allows us to continue to focus on the client experience and further collaborate as a team on new and innovative solutions that meet our clients’ most critical needs," Nasdaq CEO Adena Friedman said. "This increased presence in the iconic Times Square, New York, will further drive our brand forward, and will offer an unparalleled experience for our clients for years to come."

Four Times Square was built in 1999, but The Durst Organization recently invested $140 million into capital improvements on the asset. They include a 45,000-square-foot amenity floor and new meeting and event spaces that will open this year. Flexible-workspace and event-venue operator Convene will manage the new conference areas.

Durst has been working to fill the building following Conde Nast’s relocation to 1 World Trade Center in 2015 and ahead of a relocation out of the property in 2020 by the New York branch of global law firm Skadden Arps Slate Meagher & Flom. The landlord says it has leased more than half of the vacant Conde Nast space, and the Nasdaq lease is for some of the upper floors still occupied by Skadden.

"As one of the building’s original tenants when it opened in 1999, we are pleased Nasdaq has chosen to consolidate their corporate headquarters, and bring their leadership team, to 4 Times Square," said Jonathan (Jody) Durst, president of The Durst Organization.

The building's current tenant roster includes SS&C Technologies, which moved into 140,000 square feet in April 2017, and financial brokerage ICAP, which occupies just over 82,000 square feet as of July 2017. Tax accounting firm RSM U.S. will move into nearly 200,000 square feet in August. About 392,000 square feet remains available for lease at the property, listed directly with the landlord.

New York City real estate law firm Rosenberg & Estis PC served as legal counsel for The Durst Organization in lease negotiations.

Diana Bell, New York City Market Reporter  CoStar Group   
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