Lease Marks 15th Commercial Office Tenant to Announce Move to Manhattan’s Newest Neighborhood
More than 85 percent of the Available Commercial Office Space Under Construction at Hudson Yards is Already Committed
NEW YORK, NY – August 23, 2016 – MarketAxess, the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced it will relocate its global corporate headquarters and move approximately 250 employees to 55 Hudson Yards upon expected building completion in 2018. The firm signed a lease for more than 83,000 square feet of space across three floors in the west side’s newest boutique office tower. MarketAxess is the fourth commercial office tenant at 55 Hudson Yards, which is being developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group, and the 15th tenant overall to move to Hudson Yards – leaving less than 15 percent of current rentable commercial office space available to the open market. Approximately 5.8 million square feet of office is space is currently under construction with 5.1 million square feet committed.
Jay Cross, President of Related Hudson Yards said, “The momentum at Hudson Yards continues unabated. The dynamic mixed-use development plan has attracted business leaders across all industries and we are thrilled to welcome MarketAxess, a prominent electronic trading platform, to the neighborhood. MarketAxess joins financial industry titans KKR, Wells Fargo Securities and Point72, clearly establishing Hudson Yards as Manhattan’s new up and coming financial center. With over 85 percent of the commercial office space under construction already committed, Hudson Yards has proven that it is the premier office location for forward-thinking, innovative CEOs and their talented teams.”
“MarketAxess’ market leading growth rates are a result of the hard work and dedication of our employees, and the tremendous support we receive from our clients,” said Richard McVey, CEO of MarketAxess. “Our employee base now totals nearly 400, with approximately 250 in our New York City global headquarters. Hudson Yards represents a perfect fit for our corporate mission to deliver innovative technology solutions to our clients. It is transformative, exciting, efficient and environmentally friendly. We are thrilled to invest in New York City’s newest community, and to provide a world class office environment for our employees and our clients.”
Brad Gerla of CBRE represented MarketAxess in the transaction. Robert Alexander and Howard Fiddle of CBRE and Stephen Winter of Related represented the ownership group.
The anticipated LEED Gold, 51-story, 1.3 million gross square foot building was designed by acclaimed global architect A. Eugene Kohn of Kohn Pedersen Fox (KPF) and is expected to open in 2018. The design of 55 Hudson Yards is defined by its indoor-outdoor spaces, early modernism-inspired exterior design and exceptionally efficient interior space planning. The building is advantageously positioned at the intersection of Hudson Yards, the High Line and Hudson Park & Boulevard. It is one of the few office buildings in the entire city that opens directly onto a park and sits adjacent to a No. 7 Subway station which connects to every other major subway line as well as Grand Central Station. Penn Station is also less than a ten-minute walk away. The exterior of 55 Hudson Yards was inspired by the revitalized High Line district and the manufactured cast iron exterior of SoHo commercial buildings. It offers its commercial office tenants floor-to-ceiling windows with skyline and river views. The interior planning of the building was conceived after extensive study of the space needs of professional service, financial, creative and technology firms.
With more than 8.5 million square feet of residential, commercial and retail space now under construction or operational, Hudson Yards is on track to open the entire first phase by 2019. Ten Hudson Yards – home to Coach Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs – opened in May. Sales for the 285 residences at 15 Hudson Yards will launch in September. Fifty-Five Hudson Yards, also home to Boies, Schiller & Flexner and Milbank, Tweed, Hadley & McCloy LLP and Point72, will open in 2018. The one million square foot retail center and 5-acre public plaza will open in the fall of 2018, followed in 2019 by 30 Hudson Yards, the commercial office tower that will house KKR, Wells Fargo Securities, TimeWarner, HBO, CNN and Related.
Hudson Yards is the largest private real estate development in the nation’s history. The site itself will include 17 million square feet of commercial and residential space; more than 100 shops and restaurants, including New York City’s first Neiman Marcus and signature restaurants by Chefs Thomas Keller, José Andrés and Costas Spiliadis; approximately 4,000 residences; 14-acres of public open space; a new 750-seat public school and an Equinox® branded luxury hotel with more than 200 rooms – all offering unparalleled amenities for residents, employees and guests.
MarketAxess operates a leading electronic trading platform that enables fixed-income market participants to efficiently trade corporate bonds and other types of fixed-income instruments using MarketAxess’ patented trading technology. Over 1,100 institutional investor and broker-dealer firms are active users of the MarketAxess trading platform, accessing global liquidity in U.S. high-grade corporate bonds, emerging markets and high-yield bonds, European bonds, U.S. agency bonds, municipal bonds, credit default swaps and other fixed-income securities. MarketAxess also offers a number of trading-related products and services, including: market data to assist clients with trading decisions; connectivity solutions that facilitate straight-through processing; technology services to optimize trading environments; and execution services for exchange-traded fund managers and other clients. Through its Trax® division, MarketAxess also offers a range of pre- and post-trade services, including trade matching, regulatory transaction reporting and market and reference data, across a range of fixed-income products. Trax is the trading name of Xtrakter Ltd., a MarketAxess group company. MarketAxess maintains its headquarters in New York and has offices in London, Boston, Chicago, Los Angeles, Miami, Salt Lake City, San Francisco, São Paulo, Hong Kong and Singapore. For more information, please visit http://www.marketaxess.com/about/companyoverview.php
ABOUT RELATED COMPANIES:
Founded over 40 years ago, Related Companies is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, fund management, marketing and sales. The Company’s existing portfolio of real estate assets, valued at over $30 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London, São Paulo and Shanghai, and is well-known for having developed the 2.8 million square foot Time Warner Center in New York City and the 72-acre CityPlace in West Palm Beach as well as being a leader in green building. For more information, please visit www.related.com.
ABOUT OXFORD PROPERTIES GROUP:
Oxford Properties Group is a global platform for real estate investment, development and management, with approximately 2,000 employees and over $40 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, and the company’s portfolio includes approximately 56 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of OMERS. For more information, please visit www.oxfordproperties.com.
ABOUT MITSUI FUDOSAN AMERICA, INC.:
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York City and is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. – Japan’s largest publicly traded real estate company. MFA’s history in the United States dates back to the early 1970’s. Since its inception, MFA has acquired and developed numerous office, multifamily and hospitality properties in major markets throughout the U.S. including: 1251 Avenue of the Americas in Midtown Manhattan; The Homer Building and 1200 17th Street in Washington D.C.; 270 Brannan Street in San Francisco and the renowned Halekulani Hotel in Waikiki, Hawaii. In addition to its significant portfolio of office buildings, MFA recently expanded its development platform, with several office and multifamily development projects launched in New York, San Francisco, and Washington D.C. For more information, please visit www.mfamerica.com.
MarketAxess Holdings, Inc.: