Fintech emerges as Financial Services companies continue to invest

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Manhattan saw more financial technology (fintech) leasing in 2017 than it had in the previous three years combined, indicating the industry’s significant growth potential. Fintech tenants signed 877,171 square feet of leases last year, led by JPMorgan Chase (JPMC) and Mastercard, which both signed leases for their technology-oriented operations groups. JPMC took 428,365 square feet at 5 Manhattan West while Mastercard took 212,500 square feet at 150 Fifth Avenue.

Fintech activity is off to a strong start in 2018, as institutional trading network Liquidnet signed a long-term sublease at 620 Eighth Avenue for 126,427 square feet. Since 2014, 34 fintech tenants have signed new or sublease deals in Manhattan. Of these tenants, 16 signed deals in Midtown South, while 14 signed in Midtown and four Downtown.

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