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Deals & Dealmakers

Trading platform MarketAxess moving headquarters to 55 Hudson Yards

MarketAxess, the operator of an electronic trading platform for fixed-income securities, announced it will relocate its global corporate headquarters and move approximately 250 employees to 55 Hudson Yards upon expected building completion in 2018.

The firm signed a lease for more than 83,000 s/f of space across three floors in the west side’s newest boutique office tower.

MarketAxess is the fourth commercial office tenant at 55 Hudson Yards, which is being developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group, and the 15th tenant overall to move to Hudson Yards – leaving less than 15 percent of current rentable commercial office space available to the open market.

Approximately 5.8 million square feet of office is space is currently under construction with 5.1 million square feet committed.

Jay Cross, president of Related Hudson Yards said, “The momentum at Hudson Yards continues unabated.  The dynamic mixed-use development plan has attracted business leaders across all industries and we are thrilled to welcome MarketAxess, a prominent electronic trading platform, to the neighborhood. MarketAxess joins financial industry titans KKR, Wells Fargo Securities and Point72, clearly establishing Hudson Yards as Manhattan’s new up and coming financial center.

“With over 85 percent of the commercial office space under construction already committed, Hudson Yards has proven that it is the premier office location for forward-thinking, innovative CEOs and their talented teams.”

Richard McVey, CEO of MarketAxess, added, “MarketAxess’ market leading growth rates are a result of the hard work and dedication of our employees, and the tremendous support we receive from our clients.

“Our employee base now totals nearly 400, with approximately 250 in our New York City global headquarters. Hudson Yards represents a perfect fit for our corporate mission to deliver innovative technology solutions to our clients. It is transformative, exciting, efficient and environmentally friendly. We are thrilled to invest in New York City’s newest community, and to provide a world class office environment for our employees and our clients.”

Brad Gerla of CBRE represented MarketAxess in the transaction. Robert Alexander and Howard Fiddle of CBRE and Stephen Winter of Related represented the ownership group.

The anticipated LEED Gold, 51-story, 1.3 million gross square foot building was designed by architect A. Eugene Kohn of Kohn Pedersen Fox (KPF) and is expected to open in 2018.

The building opens directly onto a park and sits adjacent to a No. 7 Subway station which connects to every other major subway line as well as Grand Central Station. Penn Station is less than a ten-minute walk away.

With more than 8.5 million square feet of residential, commercial and retail space now under construction or operational, Hudson Yards is on track to open the entire first phase by 2019.

Ten Hudson Yards – home to Coach Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs – opened in May.

Sales for the 285 residences at 15 Hudson Yards will launch in September.

Fifty-Five Hudson Yards, also home to Boies, Schiller & Flexner and Milbank, Tweed, Hadley & McCloy LLP and Point72, will open in 2018.

The one million square foot retail center and 5-acre public plaza will open in the fall of 2018, followed in 2019 by 30 Hudson Yards, the commercial office tower that will house KKR, Wells Fargo Securities, TimeWarner, HBO, CNN and Related.

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