Nymex Mulls Move To New Facility
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The New York Mercantile Exchange may sell its headquarters in lower Manhattan and move to the New York Stock Exchange building or a new facility in New Jersey, said two people familiar with the matter.
Nymex Holdings Inc. officials are in talks to relocate to the Wall Street headquarters of NYSE Euronext said the people, who asked not to be named because the talks are confidential.
They’ve also met builders and looked at land near the waterfront area of Jersey City.
The exchange’s 15-floor tower on the Hudson River is worth about $500 million and a sale would allow the Nymex to reduce costs, an analyst at the investment bank Fox-Pitt, Kelton, Edward Ditmire, said.
The Nymex plans “significant reductions” in expenses this quarter and would consider “changes to the way the floor works, the size of the floor,” Nymex Chairman Richard Schaeffer said last week on a conference call to discuss quarterly earnings.
A Nymex spokeswoman, Anu Ahluwalia, and a NYSE Euronext spokesman, Christiaan Brakman, declined to comment.
