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Wall Street West
Wall Street West is a name used by real estate developers, city officials, and news media in the United States to call particular streets or places west of Manhattan, New York City that have a high concentration of Wall Street financial companies or a major exchange. The most notable for that is along the Hudson River waterfront of Jersey City, New Jersey. By the early 2020s, economic development in Jersey City has led to median rent being among the highest of any city in the United States.
In the 1980s, some financial companies started moving from Manhattan to the west of the Hudson River to settle along the waterfront of Jersey City, New Jersey. The area earned the name "Wall Street West" after Bankers Trust had a major relocation to it in 1985. Other major financial firms followed shortly after with National Westminster Bank of London building its domestic subsidiary there. Donaldson, Lufkin & Jenrette (DLJ) moved into a new 20-story building in the Exchange Place area. The new Harborside Financial Center was built with anticipation of more relocations. Daiwa Securities, Royal Bank of Canada, and Chase Manhattan Bank were planning to have their major workforce there.
Another major development in Exchange Place started with a plan to redevelop the 34-acre former Colgate-Palmolive soap factory in 1988. The first building was 101 Hudson Street with more than 3,000 back-office workers of Merrill Lynch and Lehman Brothers moved in by 1993.
On the northern end of Jersey City's waterfront, another major development called Newport was started in the late 1980s. It was planned as a mixed-use community with office, residential and retail buildings. By early 2001, Newport had gained major tenants including UBS, Knight Capital, and Insurance Services Office By that time, the "Wall Street West" expanded to include the entire waterfront area from Newport to Exchange Place.
After the September 11 attacks, there were renewed interests from financial firms to diversify their workforce to be outside of Manhattan. At the same time, there was an immediate need to find office space for misplaced workers who used to work in the Lower Manhattan area. Office space in Jersey City's waterfront became boom again due to its proximity to Lower Manhattan and the ferry services which were not affected by the attacks. By the end of September 2001, ten of the largest 18 firms from the World Trade Center area including American Express and Deutsche Bank moved some of their operations to Jersey City. Goldman Sachs at the time were planning to move its headquarters to the new building being constructed in Jersey City.
The boom since 2001 was short-lived. By 2007, the vacancy rate had increased and some financial firms had scaled down their plans. UBS changed their plans to fully occupy the newly constructed building. Goldman Sachs only partially occupied its building and planned to build a new headquarters in New York. Wall Street West suffered further by the 2008 financial crisis. The office space vacancy rate spiked as investment bank tenants started collapsing. The downturn economy dampened real estate growth in the area for many years.
As the economy started to recover between 2011 and 2012, large leases started to pick up again, especially in the Newport area with major financial institutions such as Citigroup and Fidelity Investments. Depository Trust and Clearing Corporation also moved the majority of its workforce from Manhattan to Jersey City.
Currently, "Wall Street West" employment contributes to one-third of the private sector jobs in Jersey City. Within the Financial Service cluster, there are three major sectors: more than 60 percent are in the securities industry; 20 percent are in banking; and 8 percent in insurance.
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Wall Street West
Wall Street West is a name used by real estate developers, city officials, and news media in the United States to call particular streets or places west of Manhattan, New York City that have a high concentration of Wall Street financial companies or a major exchange. The most notable for that is along the Hudson River waterfront of Jersey City, New Jersey. By the early 2020s, economic development in Jersey City has led to median rent being among the highest of any city in the United States.
In the 1980s, some financial companies started moving from Manhattan to the west of the Hudson River to settle along the waterfront of Jersey City, New Jersey. The area earned the name "Wall Street West" after Bankers Trust had a major relocation to it in 1985. Other major financial firms followed shortly after with National Westminster Bank of London building its domestic subsidiary there. Donaldson, Lufkin & Jenrette (DLJ) moved into a new 20-story building in the Exchange Place area. The new Harborside Financial Center was built with anticipation of more relocations. Daiwa Securities, Royal Bank of Canada, and Chase Manhattan Bank were planning to have their major workforce there.
Another major development in Exchange Place started with a plan to redevelop the 34-acre former Colgate-Palmolive soap factory in 1988. The first building was 101 Hudson Street with more than 3,000 back-office workers of Merrill Lynch and Lehman Brothers moved in by 1993.
On the northern end of Jersey City's waterfront, another major development called Newport was started in the late 1980s. It was planned as a mixed-use community with office, residential and retail buildings. By early 2001, Newport had gained major tenants including UBS, Knight Capital, and Insurance Services Office By that time, the "Wall Street West" expanded to include the entire waterfront area from Newport to Exchange Place.
After the September 11 attacks, there were renewed interests from financial firms to diversify their workforce to be outside of Manhattan. At the same time, there was an immediate need to find office space for misplaced workers who used to work in the Lower Manhattan area. Office space in Jersey City's waterfront became boom again due to its proximity to Lower Manhattan and the ferry services which were not affected by the attacks. By the end of September 2001, ten of the largest 18 firms from the World Trade Center area including American Express and Deutsche Bank moved some of their operations to Jersey City. Goldman Sachs at the time were planning to move its headquarters to the new building being constructed in Jersey City.
The boom since 2001 was short-lived. By 2007, the vacancy rate had increased and some financial firms had scaled down their plans. UBS changed their plans to fully occupy the newly constructed building. Goldman Sachs only partially occupied its building and planned to build a new headquarters in New York. Wall Street West suffered further by the 2008 financial crisis. The office space vacancy rate spiked as investment bank tenants started collapsing. The downturn economy dampened real estate growth in the area for many years.
As the economy started to recover between 2011 and 2012, large leases started to pick up again, especially in the Newport area with major financial institutions such as Citigroup and Fidelity Investments. Depository Trust and Clearing Corporation also moved the majority of its workforce from Manhattan to Jersey City.
Currently, "Wall Street West" employment contributes to one-third of the private sector jobs in Jersey City. Within the Financial Service cluster, there are three major sectors: more than 60 percent are in the securities industry; 20 percent are in banking; and 8 percent in insurance.