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NEW YORK – Oppenheimer Holdings Inc., the investment banking and wealth management firm, will move its headquarters to about 220,000 square feet of office space at 32 Old Slip in Manhattan’s Financial District, Gov. Kathy Hochul announced Monday. The state says the $66 million project keeps 1,001 full-time jobs in New York City.
The firm is leaving its current headquarters at 85 Broad Street, a few blocks away. According to the governor’s office, the money will pay for renovation and fit-out of the new space, including trading infrastructure, collaborative workspaces and client facilities. The investment is described as coming from RXR, the building’s landlord, and Oppenheimer. Empire State Development has awarded the company a $3.2 million capital grant to support the project.
Oppenheimer CEO Robert Lowenthal said keeping the headquarters in Lower Manhattan was “a natural choice,” pointing to the firm’s roots at 2 Wall Street in 1881 and New York’s talent pool. Hochul said the decision “sends a clear message that there is no better place to do business than New York.” Mayor Zohran Mamdani said the new lease means more than 1,000 jobs will stay in Lower Manhattan.
Why it matters: a long-time Wall Street firm is committing to the Financial District with a new lease, at a time when companies are weighing office space and where to base large workforces. The retained jobs span the firm’s financial services, technology, compliance, operations and administrative functions, and downtown restaurants and shops depend on that foot traffic.
Still unknown: when the move will happen, the length and terms of the new lease, and what will become of the firm’s current space at 85 Broad Street. The announcement describes jobs being kept, not new jobs being added.
File photo: the tower at 32 Old Slip in Lower Manhattan, taken from the street. It was not taken for this announcement.
JBizNews Desk | New York
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