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By Herbert Lash
NEW YORK, Feb 7 (Reuters) - Nasdaq Inc said on Wednesday it would relocate its global headquarters from downtown Manhattan to midtown, expanding its lease at the Times Square office tower from where it broadcasts the market opening and closing bell ceremonies.
Nasdaq will expand its space fivefold at 4 Times Square, a 48-story tower owned by The Durst Organization. The building, built in 1999, recently underwent a $140 million renovation that included a new entrance and lobby, among other upgrades.
The exchange’s larger presence in the heart of Manhattan will drive its brand forward and offer an “unparalleled experience” for its clients, Nasdaq said in a statement.
Nasdaq’s plans include a state-of-the-art corporate event space on the 10th floor with the capacity to host more than 400 people and feature an outdoor terrace overlooking Times Square, the company said.
The 15-year lease for 145,000 square feet (13,470 square meters) includes an extension of the current 24,000-square-foot (2,230-square-meter) MarketSite lease. Financial terms of the transaction were not disclosed.
Times Square is a major tourist destination and a magnet for retailers’ flagship stores. Commanding more than $2,000 a square foot - the highest price for retail space in Manhattan after Fifth Avenue - it remains in strong demand for both retail and entertainment.
Nasdaq last week posted higher-than-expected fourth-quarter earnings amid a rise in revenue from non-trading related businesses, now a bigger part of the exchange’s strategic focus.
Nasdaq was represented by Michael Ippolito of Newmark Knight Frank and Robert Tanzman of Cushman & Wakefield. Durst was represented in-house by Tom Bow, Rocco Romeo and Tanya Grimaldo. (Reporting by Herbert Lash; Editing by Bernadette Baum)