Financial services firm Oppenheimer & Co. will relocate its headquarters to RXR’s 32 Old Slip, moving from nearby 85 Broad Street to remain in the Financial District.
The deal, supported by a $3.2 million capital grant from Empire State Development, is part of a $66 million overall investment by Oppenheimer and RXR to renovate and fit out the 220,000 square-foot office space across six full floors of the tower.
RXR was represented in-house and Oppenheimer was represented by JLL. Gensler will design Oppenheimer’s new office space.
RXR bought the 36-story property in 2015 for $675 million. It then sold the land underneath the property to a group of investors including Melohn Properties and David Werner; RXR kept control of the 1.2 million-square-foot office tower via a 150-year lease. In 2021, iStar — which later merged with Safehold — purchased a stake in the land.
Current tenants at the building include NMS Capital, PolicyGenius and Alliant, with Oppenheimer set to begin its move in the first quarter of 2028.
Gov. Kathy Hochul and Mayor Zohran Mamdani took the opportunity to claim the corporate relocation within Lower Manhattan as a win for New York, with the governor citing the choice to stay in New York City as a message “that there is no better place to do business,” while ESD’s Hope Knight touted the resilience of the city’s financial services industry.
The mayor and governor took a similar victory lap over the summer when 2 World Trade Center broke ground on the future headquarters of American Express, taking the opportunity to highlight the strength of Lower Manhattan’s office market.
The entire borough is on pace for its strongest performance since 2000, with a rebound fueled by demand from finance, law and technology firms. Downtown Manhattan’s availability hit 15.7 percent last month, a 0.2 percent drop from the month before and the ninth consecutive month availability has declined, according to CBRE. Average rents in the area were $62.68 per square foot, a 7 percent year-over-year increase.
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