Wall Street firm Jane Street looks set to grow in the Financial District

The unveiling of the office lease Downtown has been waiting for could happen by the end of the year.

Global trading firm Jane Street is looking to grow at Brookfield Place, we’ve learned. The electronically-driven market mover, which has about 500,000 square feet at 250 Vesey St., is in talks with landlord Brookfield for more space at 300 Vesey St. in the neighboring country.

An extension from Jane Street would be welcome news for the area, which has yet to catch up with the recovery in Midtown and Midtown South. But although market sources confirmed that negotiations are ongoing, they would not say how much more space the company will get.

The Jane Street digs at 250 Vesey are the firm’s largest, according to the firm’s website. It also has offices in London, Singapore, Hong Kong, Chicago and other major cities.

Meanwhile, much of Manhattan’s half-a-billion-square-foot market is enjoying some upside after three years of mostly decline. The market, largely uncomfortable since the start of the pandemic in early 2020, finally seems to be finding its footing again. Corporate expansion in the third quarter boosted many properties, particularly in the trophy and general A categories.

There may be even more good news ahead for beleaguered landlords after the Fed cut the federal funds rate by an unexpected half percentage point early last month.

CBRE reports strong deals for third quarter, except Downtown. Manhattan’s total leasing of 5.47 million square feet was 8% ahead of the five-year quarterly average. Year-to-date leasing totaled 16.57 million sf, up 32% from 2023.

Midtown South’s leasing of 1.32 million sf was 29% ahead of the district’s five-year quarterly average while Midtown’s 4.7 million sf was 5% higher than the five-year quarterly average, according to CBRE.

A survey by Avison Young cited Blackstone’s more than 1 million sf at 345 Park Ave. as the biggest deal of the quarter. Other biggies include Area Management’s 307,000 sf at 245 Park Ave. and Elliott Management’s 149,000 sf at 280 Park Ave.

TD Bank expands to another floor at 125 Park

One of SL Green’s favorite tenants, TD Bank, added another floor at 125 Park Ave. The 26,255-square-foot deal increases the bank’s footprint at the 42nd Street landmark to 130,057 square feet and brings the tower to 100% relief.

SL Green director of leasing Steven Durels said TD Bank is “one of the fastest growing tenants in SL Green’s portfolio.”

TD Bank’s office and retail leases at SL Green’s One Vanderbilt helped get the skyscraper off the ground.

The tenant was repped at 125 Park by CBRE’s Robert Alexander, Ryan Alexander, Matthew Saker and Nicole Marshall. The landlord was represented by Newmark’s Brian Waterman, David Falk, Pete Shimkin and Daniel Levine.