A $66 million corporate relocation is set to support office investment and employment retention in Lower Manhattan, as Oppenheimer Holdings Inc. prepares to move its headquarters to a larger modernised space in the Financial District. The investment will retain more than 1,000 full-time positions while reinforcing the company's long-term presence in New York City.
Announced November 9 by Gov. Kathy Hochul, the project will move Oppenheimer from its current headquarters at 85 Broad Street to approximately 220,000 square feet at 32 Old Slip.
The $66 million investment will fund extensive renovations and improvements to the new headquarters. The upgraded space is intended to provide the infrastructure needed to support the company's operations across investment banking and wealth management.
The relocation builds on Oppenheimer's nearly 145-year history in New York City and maintains its headquarters presence in Lower Manhattan.
The project is expected to retain 1,001 full-time jobs. Empire State Development is supporting the investment as part of the state's efforts to retain established businesses and strengthen New York's financial services sector.
The headquarters commitment also represents continued private-sector investment in office space within the Financial District. The planned renovations will adapt the 220,000-square-foot facility to meet Oppenheimer's operational requirements.
For commercial property owners, developers and building contractors, the project demonstrates continued investment in large-scale office renovations and corporate headquarters facilities in Lower Manhattan. The combination of a substantial tenant commitment, building improvements and job retention adds to the district's economic activity while reinforcing demand for modern office environments.
Source: ESD.
