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PRUDENTIAL SECURITIES COMBINES CORPORATE LOCATIONS INTO TWO WALL STREET SITES

 PRUDENTIAL SECURITIES COMBINES CORPORATE LOCATIONS
 INTO TWO WALL STREET SITES
 NEW YORK, Aug. 5 /PRNewswire/ -- Prudential Securities announced today that it will consolidate its approximately 5,000 Wall Street-area employees into two principal locations in downtown Manhattan's Financial District, beginning in 1994.
 Prudential Securities, the third largest brokerage firm in the United States, said it has agreed to a multi-year lease for approximately 16 floors, totaling some 1,000,000 square feet, at One New York Plaza, and has renewed its lease for approximately 15 floors, totaling some 500,000 square feet, at One Seaport Plaza. The combined locations will serve as the firm's headquarters.
 Currently, Prudential Securities leases space in seven locations in the Wall Street area, including Seaport Plaza, its present headquarters.
 "Over the last year and a half, we've looked at a wide range of options concerning this relocation, including new construction, multiple sites, and locations outside of New York City," said President and Chief Executive Officer Hardwick (Wick) Simmons. "I'm pleased to say that the decision we've reached is the best for all parties involved: Prudential Securities, our clients, and -- most importantly -- our employees will all benefit from having our headquarters activities housed in two nearby sites."
 According to the firm's relocation plan, the Seaport Plaza building, which has been Prudential Securities' headquarters since 1985, will be remodeled to house the firm's retail brokerage, asset management, and financial and administrative activities.
 Prudential Securities will also occupy some 16 floors in One New York Plaza, and will move most of the firm's capital markets and investment banking activities and their systems and technology-driven support, as well as operations and telecommunications, into that building. The 50-story facility, located at the corner of Broad and Water streets, will undergo extensive renovations and remodeling before personnel begin moving into the building in 1994.
 "A key aspect of moving to One New York Plaza is that by refurbishing the building, we'll be able to develop state-of-the-art facilities for our technology-driven and systems-related activities, such as our trading and capital markets businesses," said Howard A. (Woody) Knight, the Prudential Securities senior executive in charge of the negotiations. "It's a terrific solution to our space needs."
 Knight also noted that the financial incentives negotiated with New York City and New York State minimized the cost differences between remaining in New York City and moving to another location.
 In addition to One Seaport Plaza, Prudential Securities' current Wall Street area locations area: 100 Gold St., 120 Wall St., 127 John St., 130 John St., Financial Square, and 99 Wall St. The firm noted that most of its leases in those facilities don't begin expiring until late 1994.
 The transaction was completed with the assistance of Joseph Hilton and Associates, as exclusive real estate broker, and LaSalle Partners, as advisor.
 Prudential Securities Incorporated is a fully diversified, global securities firm based in New York City. The third largest brokerage firm, Prudential Securities is a subsidiary of The Prudential Insurance Company of America.
 -0- 8/5/92
 /CONTACT: William J. Ahearn, 212-214-3955, or Jane C. Ingalls, 212-214-3958, both of Prudential Securities/ CO: Prudential Securities ST: New York IN: FIN SU:


GK-KW -- NY057 -- 7129 08/05/92 13:18 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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