The parent of the New York Stock Exchange is giving up one of its longtime homes in the Financial District in a move that could also generate millions for the company, The Post has learned.
IntercontinentalExchange Group has given notice that the NYSE will vacate 381,000 square feet at 20 Broad St. when its lease expires in August 2016, brokers at CBRE said under condition of anonymity.
The NYSE had the right to extend the term of the sublease until 2041.
Atlanta-based ICE, led by Jeffrey Sprecher, has been cutting costs since the $8.2 billion acquisition of NYSE Euronext in 2013.
ICE isn’t reducing NYSE’s presence at 11 Wall St., which is undergoing a remodel and where its 221-year-old stock trading floor operates.
The loss of NYSE will be difficult for Vornado Realty Trust, which operates the 27-story, 472,000-square-foot 20 Broad under a ground lease that runs through 2081, documents show.
CBRE, which represents both ICE and Vornado, said the downtown Manhattan market had an all-time high average asking rent of $51.97 per foot in 2014.
But Vornado actually leases the building from the NYSE, which has owned the land since 1928. The NYSE then leases back its office space.
ICE could now sell the land to either Vornado or another investor and generate a multi-million-dollar cash infusion.
Coveted buildings in lower Manhattan have been selling for as much as $400 per foot, but the land’s price alone would be based on how much Vornado pays each year in rent for the building and when that rent rises.
All parties declined to comment.
