Cantor Fitzgerald eyes Union Square for HQ.

Cantor Fitzgerald chairman Howard Lutnick wants to build a world headquarters at Union Square, reported the New York Times last week. The building in question--located on the south side of 14th street between Broadway and University Place--once housed Bradlee's department store, which vacated the space last year.

The Times cited a Cantor Fitzgerald executive saying that the firm is negotiating with Vornado Realty Trust--the building's owner--to build Cantor's world headquarters here.

Cantor Fitzgerald, a bond brokerage, lost 658 of its 960 employees when the first jet struck the north tower of the World Trade Center last fall. Since then, Lutnick has vowed to rebuild the firm, taking his pledge all the way to Washington where he has sought aid to do so.

Cantor would become one of the few Wall Street firms to relocate to the Union Square district. The area is better known for its residential buildings and restaurants, but its central location would still serve a financial firm well.

Several different subway lines feed into the Union Square station and the 14th street corridor is easily accessible from both the FDR Drive and the West Side Highway.

The 14th street corridor has witnessed some major changes over the past few years. A new residential building was completed between Sixth and Seventh Avenue on 14th street last year, and new retail tenants have sprung up to west of Sixth Avenue.

The Times reported that the building could be converted into a commercial condominium owned largely by Cantor Fitzgerald. The Times also reported that Vornado is negotiating with several retailers for the ground floor space, among them Whole Foods, the Container Store and Forever 21.

Karen Shaw, a spokesperson for the 14th Street Business Improvement District, did not return a call for comment on Cantor's plans.