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Venture

Robert Trigaux

In Tampa, DTCC watches as HQ contemplates future in Manhattan -- or New Jersey

25

August

DTCCTampahandout After the Sept. 11 World Trade Center terrorist attacks in 2001, survival-sensitized Depository Trust & Clearing Corp. in southern Manhattan decided to open a major processing facility in Tampa. They did so in 2005 just off Bruce B Downs and I-75. They celebrated the opening with bright orange t-shirts. (Photo, taken outside Tampa facility, with DTCC chairman and CEO at the time Jill Considine surrounded by company employees. Photo courtesy of DTCC.)

Now there's some question about where DTCC headquarters up north may end up. The company is an integral part of the securities clearing process of Wall Street. So far, the company continues to  operate out of 750,000-square-feet with 2,000 employees at 55 Water Street, just a stone's throw from the heart of Wall Street.

But the New York Post reports that DTCC is being aggressively wooed by New Jersey. Four years ago, the Post says, several deals were done at 55 Water at around $36 a square foot, but the asking price would be higher today. Writes the Post

"The departure of a tenant as large as Depository Trust would be a blow to downtown (Manhattan), where Merrill Lynch and Goldman Sachs, among others, are expected to give up large amounts of space."

DTCC's lease is not up until the end of 2012. But with so much sophisticated electronic infrastructure, the company needs to make a decision much sooner than that whether to stay downtown or to flee to Jersey, the Post notes. Jersey landlords "are offering the moon," the paper says.

A lot of the DTCC folks that now work in Tampa relocated here from the New York headquarters. I'm guessing they're happy to be here instead of looking at a potential work move to New Jersey.

-- Robert Trigaux, Times Business Columnist

[Last modified: Tuesday, June 1, 2010 12:25pm]

    

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