IEX to Move New York Office to 4 WTCNov 20, 2014
Silverstein Properties announced today that IEX, a start-up stock market dedicated to institutionalizing fairness through technology, and the subject of Michael Lewis’ book, Flash Boys, has signed a 7-year, 13,000 square foot (1,208 square meter) lease at 4 World Trade Center. The company expects to move to the 44th floor of 4 World Trade Center in April 2015.
“I am delighted to welcome IEX to 4 World Trade Center, and I look forward to watching this dynamic young company as it continues to transform itself into a major national exchange” said Larry A. Silverstein, Chairman of Silverstein Properties. “The new World Trade Center is open for business and is attracting great companies such as IEX because it features the best office space on top of the best mass transit, in the heart of the world’s most dynamic live/work community.”
“We are inspired by the resilience and effort it takes to rebuild the World Trade Center, and we want to support the neighborhood as it continues to thrive and redefine itself,” said Brad Katsuyama, CEO and Co-Founder of IEX. “Like most start-ups, we initially signed short-term leases. But thanks to our recent growth and the support of an extraordinary group of investors, we were able to sign a long-term lease with Silverstein to establish IEX headquarters in downtown New York City. We launched IEX in Lower Manhattan, so this is our way of staying true to what got us here.”
“IEX represents the best of Downtown’s past, present and future,” said Janno Lieber, President of World Trade Center Properties. “While Lower Manhattan remains the historic home of the New York Stock Exchange, the New York Mercantile Exchange and countless major banks, it is no longer your grandfather’s Wall Street. Today, Downtown is the hub of New York’s 21st century innovation economy. IEX, which is at the creative intersection of technology and finance, really highlights this powerful trend.”
Lease negotiations for IEX were handled by a CBRE’s Rocco Laginestra and Rob Wizenberg. Jeremy Moss, Director of World Trade Center Leasing for Silverstein Properties, and Camille McGratty, Vice President of Leasing, led the negotiations for the landlord, together with the CBRE agency team including Steve Siegel, Mary Ann Tighe, Adam Foster, Steve Eynon, Evan Haskell, Ken Meyerson and David Caperna.
According to the Downtown Alliance, 511 firms have moved to Lower Manhattan since 2005, leasing a total of 12.3 million square feet (1.14 million square meters). 226 of those companies have been in creative or professional services, taking 51 percent of the space leased.
In its 2013 report, “Brain Gain,” the Downtown Alliance explained, “The high-value knowledge workers who drive the region’s economy – the people companies want to hire – increasingly live within a 30-minute commute of Lower Manhattan. Extensive residential development and dramatic neighborhood revitalization in Manhattan, Brooklyn, and New Jersey’s Hudson River waterfront cities have attracted huge numbers of young, educated people, workers in the professional and creative fields that drive leasing in New York City – who prefer apartment living and shorter commutes via subway, PATH, ferry, bike and foot to suburban life and lengthy commutes via heavy rail or car.”
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About 4 World Trade Center
Designed by Pritzker-prize winning architect Fumihiko Maki to meet a LEED Gold standard of sustainability, 4 WTC is a model of transparency and efficiency. The 977 foot (298 meter) building contains 2.3 million square feet (213,680 square meters) of light-filled, green and high-tech office space spread over 56 office floors. In addition to IEX, other tenants in the building include MediaMath (106,000 square feet / 9,850 square meters), Morningstar (30,000 square feet / 2,787 square meters), the Port Authority of New York & New Jersey (600,000 square feet / 55,742 square meters) and the City of New York (600,000 square feet / 55,742 square meters). 4 WTC was designed to enliven and seamlessly integrate into Downtown’s streetscape, with a major concentration of retail – both at the street-level and in underground pedestrian concourses that lead directly to 11 subway lines and the PATH trains. 400,000 square feet of destination retail will open in tandem with the World Trade Center Transit Hub in 2015.
IEX is the first equity trading venue seeded by a consortium of buy-side institutional investors, including mutual funds, hedge funds, and family offices. Their unique ownership consortium represents a cross-section of traditional investors who are all dedicated to a fair and balanced market that works for all participants. IEX operates a fair-access platform for any qualified broker dealer, and operates on the principle of investor protection – delivered through its proprietary anti-colocation architecture and simplified pricing and rule set. Currently an Alternative Trading System, IEX recently raised $75 million to pursue registration as a U.S. national exchange. View daily stats and learn more at: www.iextrading.com. Follow IEX on Twitter @IEXTrading
About Silverstein Properties
Silverstein Properties, Inc. (SPI) is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company develops and acquires office, residential, hotel and retail properties. SPI has developed, owned and managed more than 35 million square feet (3.25 million square meters) of commercial, residential and retail space, including 7 World Trade Center, the first LEED-certified office tower in New York City, which opened in 2006 and 4 World Trade Center which opened in November 2013. Currently, the firm has $10 billion of development underway: Four Seasons Resort at Walt Disney World, Four Seasons Downtown New York Hotel and Private Luxury Residences and 2 and 3 World Trade Center. In addition, SPI is focused on joint ventures for development and acquisitions in Europe, Asia and Israel. The company has been recognized as one of the “Best Places to Work in New York City” by Crain’s New York Business for the past seven years.