World Trade Center Towers Fill Slowly in Shift to Tech
January 7, 2015

Interest from tenants like High 5, which usually have younger workers, is a reflection of how downtown has become “a much hipper area,” said Marc Shapses, a broker with Savills Studley Inc.

The days of financial companies being dominant downtown “are gone” after many moved to Midtown, he said. “And it’s a more conservative move now for those companies to just stay put, to renew their leases” at their current headquarters as a cost-saving move.

Banks including Citigroup Inc. (C:US), JPMorgan Chase & Co. (JPM:US) and UBS Group AG (UBSG) have considered and rejected going to the trade center site.

The few financial tenants at the new skyscrapers have come from outside the industry’s mainstream. The biggest is investment-research company Morningstar Inc., which took a 30,000-square-foot floor at 4 World Trade Center in September. IEX Group, the stock-selling startup that was the subject of Michael Lewis’s book “Flash Boys,” agreed to lease 13,000 square feet in that building in November.

At 1 World Trade Center, BMB Group, C12 Capital Management and Incandescent Technologies each took spaces smaller than 3,500 square feet.

World Trade Center Towers Fill Slowly in Shift to Tech

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