Oppenheimer announced plans on Monday to relocate its New York City headquarters to 32 Old Slip in Lower Manhattan, trading its current Wall Street address for roughly 220,000 square feet spread across six full floors. The investment bank is targeting a phased move-in starting in the first quarter of 2028, according to the company.
The announcement, detailed in a company release carried by PR Newswire, frames the relocation as a long-term bet on the neighborhood. Oppenheimer CEO Robert Lowenthal said the move “reaffirms our commitment to the area,” per the release. New York Gov. Kathy Hochul characterized the relocation as a $66 million investment that will help retain more than 1,000 jobs in a modern headquarters, the company said. Crain’s New York Business also reported on the relocation.
A separate account of the transaction, reported by TipRanks, puts the leased space at approximately 221,339 rentable square feet, signed by Oppenheimer subsidiary Viner Finance with RXR 32 Old Slip Owner LLC on November 5. That filing describes an initial lease term of roughly 15.5 years, including at least six months rent-free, with fixed annual rent set at approximately $13.3 million for the first five years, climbing to $14.4 million for the next five and $15.5 million after that.
A Vintage Tower Gets a Modern Reboot
Oppenheimer was represented by JLL in the transaction with building owner RXR, and the firm plans to partner with design firm Gensler on the new space, according to the PR Newswire release. Gensler’s design is meant to incorporate natural light and open gathering areas intended to promote collaboration and productivity, the architecture firm told Commercial Observer. The building itself isn’t new — 32 Old Slip is a 36-story property completed in 1987, per Commercial Observer’s reporting.
JLL broker Matt Astrachan told Commercial Observer that the lease reflects continued demand for “high-quality properties with modern infrastructure and amenities” in the district, a signal that older Lower Manhattan towers can still compete for major tenants when renovated to modern standards.
Downtown's Office Market Keeps Climbing
The Oppenheimer deal lands amid a broader rebound in Lower Manhattan leasing. The district recorded 1.14 million square feet of new leasing in the second quarter of 2026, a 26 percent jump quarter over quarter and 36 percent above the five-year quarterly average, according to a report from the Downtown Alliance. Overall office vacancy downtown finished that quarter at 22.3 percent, unchanged from the prior quarter but down half a percentage point year over year, while Class A asking rent rose for a third straight quarter to $63.60.
More recent figures from Cushman & Wakefield show the momentum continuing: Manhattan’s overall office vacancy rate fell 70 basis points in the third quarter of 2026 to 18.6 percent, its lowest level since the second quarter of 2021.
