Leasing & tenant law · Owners & management · 11/09/2026, 2:28 PM
RXR Signs Oppenheimer to 220K SF Lease at 32 Old Slip in FiDi
Investment bank Oppenheimer & Co. signed a 220K SF lease at RXR's 36-story 32 Old Slip and plans to start moving in during the first quarter of 2028. Gov. Hochul said the deal keeps more than 1,000 jobs in the Financial District. Downtown vacancy was 26.7% at the end of the third quarter, but leasing south of Canal Street has picked up.
Reported by Bisnow New YorkRead the original ↗
What happened
Investment bank Oppenheimer & Co. signed a lease for about 220,000 square feet across six floors at 32 Old Slip, an office tower owned by RXR in Manhattan's Financial District. Bisnow New York and Commercial Observer both reported the deal on 11/09/2026. Oppenheimer plans to begin moving in during the first quarter of 2028.
The two outlets differ on some details. Bisnow, citing a JLL spokesperson, said Oppenheimer will move from 270,000 square feet at 85 Broad St. Commercial Observer said the firm will move from nearby 2 Wall Street. Bisnow described the building as 36 stories and 1.1 million square feet. Commercial Observer said it has 37 stories, was completed in 1987, and sits along the East River near Pier 11.
RXR said it will jointly invest about $66 million with Oppenheimer in a renovation and fit-out of the space, led by design firm Gensler. RXR paid $675 million for the property in 2015. Gov. Kathy Hochul said the deal keeps more than 1,000 jobs in the area. According to Bisnow, Empire State Development, the state's economic development agency, is giving the company a $3.2 million capital grant.
Bisnow noted that Lower Manhattan has trailed Midtown in attracting office tenants since the pandemic. It said the area had one of the city's highest office vacancy rates, 26.7%, at the end of the third quarter, according to Cushman & Wakefield. It also cited a September Bloomberg report that tenants signed 4 million square feet of deals south of Canal Street in the first half of the year, with asking rents up 8% in July from a year earlier.
Key facts
- Address
- 32 Old Slip, Financial District, Manhattan
- Tenant
- Oppenheimer & Co., a subsidiary of Oppenheimer Holdings
- Landlord
- RXR, which bought the building for $675 million in 2015
- Lease size
- About 220,000 square feet on six floors
- Move-in
- Starting in the first quarter of 2028
- Fit-out investment
- About $66 million, jointly from RXR and Oppenheimer
- State grant
- $3.2 million capital grant from Empire State Development (per Bisnow)
- Jobs
- More than 1,000 jobs kept in Lower Manhattan, per Gov. Hochul
What it means
Landlords
This is a large commercial office lease. It does not change any residential rules, rents or programs for small residential landlords.
Tenants and voucher holders
The deal has no direct effect on apartment rents, vouchers or tenant protections. It is mainly a sign of office demand in Lower Manhattan.
Buyers and owners
Reported deal activity and rising asking rents point to some recovery in Lower Manhattan offices, even as vacancy in part of the area remains high.
The highlights
- Oppenheimer will leave its 270K SF space at 85 Broad St. for six floors.
- RXR and Oppenheimer will jointly invest about $66M in a Gensler-led fit-out.
- Empire State Development is giving Oppenheimer a $3.2M capital grant.
Why it matters Landlords
A large FiDi lease shows demand returning to Lower Manhattan offices, though it has little direct effect on small residential landlords.
Not known yet
- Which building Oppenheimer is actually leaving: 85 Broad St. (Bisnow) or 2 Wall Street (Commercial Observer)
- What will happen to the space Oppenheimer vacates
- The lease length and rent terms
- What conditions are attached to the $3.2 million state grant
Background
Office leases in New York City are commercial leases. They are negotiated between landlord and tenant and are not covered by rent stabilization or the other rent rules that apply to many apartments. State economic development grants to keep employers in New York are separate from city housing programs run by agencies like HPD or HCR.
Buildings in this story
- 85 Broad St · building facts and open city records
- 2 Wall Street · building facts and open city records
Also drawn from: Investment Bank Oppenheimer Relocates HQ to 220K-SF Office at 32 Old Slip (Commercial Observer)
Summary written by Bulwark from Bisnow New York’s reporting. The original story is at bisnow.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0