WJB Capital, a premier agency broker-dealer that provides equity and derivative trading and execution solutions as well as corporate access, commission management, and research services to institutional investment managers, will be relocating from its downtown location at 60 Broad Street to 31,440 square feet, the entire ninth floor, at 909 Third Avenue, in Midtown Manhattan, according to the firm’s real estate advisor, Studley.
In the first quarter of 2011, the firm will be moving its 118 New York employees to a space that can accommodate more than double the current headcount.
“This move will support WJB’s rapid growth,” shared Studley’s Evan Margolin, corporate managing director, who has represented WJB since the company moved from executive suites on Wall Street to 7,000 square feet at 60 Broad in 2005 and then expanded to 12,000 square feet in 2007.
“The greatly reduced delta that now exists between the cost of Class A office space Downtown and the cost in Midtown is allowing companies like WJB to consider making the move uptown,” shared Mr. Margolin. “When we first started this process two years ago, the world was very different, and WJB was considering expanding onto another floor in their Downtown building. But as the economy and the office market tumbled and WJB's business continued to thrive, we shifted our focus to Midtown and explored many built, institutional quality sublease opportunities. We were ultimately able to secure a terrific, affordable direct lease in a Class A Midtown building where the space will be built to suit WJB's needs.”
“We’ve experienced tremendous growth over the past five years and this move to Midtown will enhance our recruitment efforts and fulfill the needs of our continuously growing business,” shared Craig Rothfeld, Managing Partner of WJB. “We are looking forward to moving to a beautiful new space in a quality Midtown building owned by a premier landlord.”
In addition to Vornado agreeing to build out the space for WJB, the long-term lease includes a generous concession package. WJB will also be able to tap into the building’s back-up generator, which was one of the factors that attracted them to the property.
Vornado was represented in-house by Tom Costanza and Andy Ackerman. Mark Skolnick, Esq. of Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow, LLP was the attorney who represented WJB. Vornado was represented in-house by Pamela Caruso.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.