ON THE RADAR
NEW YORK — Oppenheimer & Co. Inc. will move its headquarters to approximately 220,000 square feet across six floors at 32 Old Slip in the Financial District, retaining more than 1,000 jobs in Manhattan, the company and Gov. Kathy Hochul announced Nov. 9. The state puts the renovation and fit-out at approximately $66 million, an investment by building owner RXR and Oppenheimer, and Empire State Development awarded the company a $3.2 million capital grant.
The firm, a subsidiary of Oppenheimer Holdings Inc., will leave its current headquarters at 85 Broad Street, a short distance away, for six full floors of the 36-story tower. According to the company release, a phased move-in is targeted to begin in the first quarter of 2028. JLL represented Oppenheimer, and Gensler will design the space. "Keeping our global headquarters in Lower Manhattan was a natural choice for us," CEO Robert Lowenthal said in the governor's release. Neither release gives the lease term or rent.
What this means
Location Decision analysis: This is a retention deal, not a growth one. The state counts 1,001 full-time positions kept in New York and no new jobs. The $3.2 million ESD grant works out to roughly $3,200 per retained job ($3.2 million ÷ 1,001), and it is public money; the $66 million is private spending shared between landlord and tenant, and neither release says how it splits.
The footprint gets smaller. A JLL spokesperson told Bisnow the firm is leaving about 270,000 square feet at 85 Broad Street. Against the 220,000 square feet it is taking, that is roughly 50,000 square feet, or about 19%, less space for the same headcount, about 220 square feet per retained job at the new address (220,000 ÷ 1,001). The open question for Lower Manhattan is the space left behind. Bisnow, citing Cushman & Wakefield, put western Financial District office vacancy at 26.7% at the end of the third quarter. Our inference, not the company's or the state's: unless 85 Broad is backfilled, this move shifts a large tenant between buildings in the same submarket rather than adding occupied space to it.
What to watch
Whether the phased move-in starts on the first-quarter 2028 target. The lease term, which neither release discloses. What happens to the roughly 270,000 square feet at 85 Broad Street; no backfill plan has been announced. The ESD grant: the release says it was awarded but gives no payment schedule or conditions, so an award is not yet a payment. How the $66 million splits between RXR and Oppenheimer.
Other coverage
Bisnow, Nov. 9, 2026: RXR Signs Investment Bank To 220K SF Lease In FiDi
ON THE RADAR
Company: Oppenheimer & Co. Inc. (subsidiary of Oppenheimer Holdings Inc., NYSE: OPY)
Location: 32 Old Slip, Financial District, Manhattan, N.Y.; relocating from 85 Broad Street
Investment: Approximately $66 million renovation and fit-out by RXR and Oppenheimer (state figure); $3.2 million Empire State Development capital grant awarded
Jobs: More than 1,000 retained (1,001 full-time, per the state); no new jobs stated
Type: Headquarters relocation and office lease, approximately 220,000 sq ft across six floors; landlord RXR; tenant broker JLL
Announced: Nov. 9, 2026
Useful contacts
Governor's Press Office: (518) 474-8418 (Albany) and (212) 681-4640 (New York City), per the governor's release, checked Nov. 10, 2026. The governor's release lists no separate ESD media contact.
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