The announcement that New York City and the New York Stock Exchange have reached an agreement to develop a new NYSE headquarters just east of the Exchange's current Wall Street location has created a new dynamic in the surrounding area.

The new 650,000 square-foot NYSE complex, which will be located on the entire block between Wall Street and Exchange Place and between Broad and William streets, will accommodate office space, technological hardware and two 50,000 square-foot trading floors.

30 Wall Street, which is located near the corner of Wall and Broad streets in the heart of Lower Manhattan's Financial District, is one of the properties that will be a prime beneficiary of this new development. A 12-story office building, 30 Wall Street offers a high profile presence with a strategic location adjacent to Federal Hall and directly across the street from the future NYSE.

30 Wall Street was originally built in 1919 as a three-story building that served as the Federal Government's gold storage facility. In 1955, an addition was constructed by the Seaman's Bank for Savings, expanding the footprint and increasing the building's height to 12 stories.

In 1987, the building underwent an extensive renovation in which the entire physical plant, including the roof, HVAC and elevators, was modernized. Since that time, the building has been consistently maintained to institutional standards, consistently maintaining a high "A" quality tenant base.

The building's elegant lobby and 10,000 square-foot floors make it ideal for high quality boutique tenants seeking amenities and a location consistent with the quality provided by 30 Wall Street.

The building is currently 99 percent leased to a diversified roster of credit tenants, attesting to the building's consistent appeal to the market. Current tenants include a variety of small institutional grade investment managers and advisors, as well as United Bank, Grant's Publishing and the New York Sports Club.

As the Financial District enters a new phase in its history with the development of the new Exchange, Class A buildings such as 30 Wall Street will become even more important to financial industry tenants and those corporations that gain a strategic advantage by being located within the district. With no new construction on the horizon and with vacancy rates at historic lows in the Downtown market, 30 Wall Street will retain its position as one of the most distinctive and attractive properties in Lower Manhattan.

COPYRIGHT Hagedorn Publication

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