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Nasdaq to take 145,000 s/f at 4 Times Sq.

Nasdaq, Inc. is relocating its global headquarters from downtown Manhattan to its current Nasdaq MarketSite location at The Durst Organization's 4 Times Square.

The deal with The Durst Organization more than quintuples Nasdaq's existing footprint at the property.

The 10th floor will be home to a state-of-the-art event space as an extension of the Nasdaq MarketSite and feature a 2,100 s/f outdoor terrace overlooking Times Square, above the world-famous Nasdaq Tower, for Nasdaq clients and prospects with the capacity to host more than 400 people for corporate events.

The 15-year lease for 145,000 s/f includes an extension of the current 24,000 s/f MarketSite lease.

"Since our beginning, Nasdaq has played a major role in the growth of corporate America by providing a seamless platform to raise capital through the public markets. Throughout the decades, we have expanded our business and brand globally and our technology now powers more than 90 marketplaces around the world," said Adena Friedman, president and CEO, Nasdaq.

"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. 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."

Nasdaq was one of the building's original tenant? when it opened in 1999, according to Jody Durst, president of The Durst Organization.

"Nasdaq is one of the world's most innovative and dynamic exchanges and a recognized global leader in financial technology, and we are excited they have decided to continue to partner with us and grow their business for the 21st Century at 4 Times Square," Durst added.

Nasdaq's new global headquarters will remain the location for the Opening and Closing Market Bell ceremonies at the Nasdaq MarketSite in Times Square.

The Nasdaq MarketSite event space will expand to host a variety of corporate and industry events.

Recently enhanced broadcast and media correspondence facilities allow for company brand and executive visibility strategies through organized interviews and press briefings with global news outlets.

The three-year MarketSite expansion and relocation initiative will commence construction this summer and is slated for completion in December 2021, with phased move-ins beginning in spring 2019.

4 Times Square has recently undergone a $140 million capital improvement program. The 45,600 s/f amenity floor, featuring a cafe and coffee bar run by Michelin Star Chef Claus Meyer and conference, meeting and event spaces managed by Convene, will open to tenants and their guests later this year.

The Durst Organization has already leased over half of the space formerly occupied by Conde Nast. The Nasdaq deal marks the first of the building's upper floors to be leased prior to Skadden, Arps, Slate, Meagher & Flom's departure in 2020.

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Comment:Nasdaq to take 145,000 s/f at 4 Times Sq.
Publication:Real Estate Weekly
Date:Feb 14, 2018
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