Oppenheimer to lease 220,000 sf at RXR's 32 Old Slip

What happened

Oppenheimer & Co., a financial services firm, will move its headquarters to 32 Old Slip, an office tower owned by RXR in Manhattan's Financial District. The firm is leaving nearby 85 Broad Street and staying in the neighborhood. The Real Deal reported the lease on 11/09/2026. It covers about 220,000 square feet across six full floors. Oppenheimer plans to begin its move in the first quarter of 2028.

Oppenheimer and RXR will invest a combined $66 million to renovate and fit out the space. Empire State Development, the state's economic development agency, is supporting the deal with a $3.2 million capital grant. Gov. Kathy Hochul said the move keeps more than 1,000 jobs in New York, according to Commercial Observer and Bisnow. JLL represented Oppenheimer. RXR represented itself in-house. Gensler will design the new office.

RXR bought the building in 2015 for $675 million. It later sold the land under the tower to a group of investors that included Melohn Properties and David Werner, and kept control of the tower through a 150-year lease. In 2021, iStar, which later merged with Safehold, bought a stake in the land, according to The Real Deal.

Some details differ between outlets. The Real Deal and Bisnow describe the tower as 36 stories, while Commercial Observer says 37 stories and completion in 1987. The Real Deal gives the tower's size as 1.2 million square feet, and Bisnow says 1.1 million. Commercial Observer's summary says Oppenheimer is moving from 2 Wall Street, but its article text says 85 Broad Street, which matches the other outlets. Bisnow reported that Oppenheimer's current space at 85 Broad Street is about 270,000 square feet. On the market, The Real Deal cited CBRE data putting Downtown Manhattan availability at 15.7 percent last month, with average rents of $62.68 per square foot, up 7 percent from a year earlier. Bisnow cited a Cushman & Wakefield vacancy rate of 26.7 percent at the end of the third quarter for the Downtown submarket. These are different measures from different firms.