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Ernst & Young is joining the westward shift of major office tenants in Manhattan.
EY announced Thursday that it has signed on for 600K SF at Brookfield Property Partners' One Manhattan West project, occupying the sixth through 22nd floors when the tower is completed in 2019. It will move from its current U.S. headquarters in Times Square, where its lease is up in 2022.
With the EY deal, the 67-story, 2.1M SF One Manhattan West is 82% leased. The financial advisory firm joins a tenant roster of Accenture, the NHL and law firms Skadden, Arps, Slate, Meagher & Flom LLP and McKool Smith, with only Skadden Arps matching EY in terms of square footage occupied.
Though EY's Times Square footprint is nearly 1M SF, the move is not a consolidation, but rather part of an expansion that includes a 170K SF innovation and learning center across the Hudson River in Hoboken, New Jersey, with the potential for a ferry directly connecting it to One Manhattan West. EY promised to add 1,152 jobs in the next seven years in exchange for receiving $12M in performance-based tax credits from the State of New York.
Also part of EY's expansion is the creation of two "wavespace" centers in Union Square and Chelsea in an attempt to "help clients catch the next wave in radical breakthroughs," according to a press release.
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