Jane Street Group has signed a lease renewal and extension that will give it almost a million square feet to work with at its office space in lower Manhattan.
The move nearly doubles the trading firm's office space at 250 Vesey Street, according to a report from Bloomberg. Jane has operated as a tenant at the property, owned by Brookfield Properties, since 2014.
Originally built in 1986 and located along the Hudson River waterfront, the 34-story building's floor plates range from 55,000 to 75,000 square feet. There are also amenities including parking that can store 800 vehicles and electric vehicle charging. The site in total spans 1.76 million square feet. The asset is located inside the Brookfield Place shopping center, which is known for its dining, luxury retail, and public spaces.
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The lease deal comes after Brookfield Properties relocated its headquarters from Toronto to New York City in an effort to appeal to a wider range of shareholders.
Office, in particular, continues to recover in the post-pandemic world. An earnings report from CBRE finds that leasing in the asset class drove 28 percent revenue growth. Chief financial officer Emma Giamartino admitted that New York's office market did most of the heavy lifting to lead the strong performance. That region along with other gateway markets such as San Francisco, Los Angeles, Chicago, Boston, and Washington, D.C., all saw revenue growth of about 30%. Some Midwestern regions like Cleveland and Minneapolis also saw more demand.
Giamartino believes that office leasing generally will "continue to increase as activity has spread broadly."
According to Brookfield Properties' portfolio, it manages 108 office assets in the U.S.
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