Oppenheimer Holdings commits $66 million to Manhattan headquarters
Oppenheimer Holdings Inc. is investing $66 million to establish a new headquarters in Lower Manhattan, according to a report from the Governor’s Press Office.
The investment will fund the relocation of the global investment banking and wealth management firm from 85 Broad Street to 32 Old Slip. This move involves moving into approximately 220,000 square feet of modern office space in the Financial District.
The expansion is designed to support the firm’s evolving operational needs, including updated trading infrastructure and collaborative workspaces. The project is a joint effort between the firm and RXR.
By choosing to relocate within the district rather than leaving the city, Oppenheimer will retain 1,001 full-time jobs. These positions span critical functions including technology, compliance, operations, and administrative services.
Economic stability in the Financial District
The decision will increase economic activity near the Financial District. New York City Mayor Zohran Kwame Mamdani noted that the presence of these employees supports the broader ecosystem of the neighborhood.
“Those paychecks support families, and they support the restaurants, shops and small businesses downtown that depend on workers coming through the door,” said Mayor Mamdani.
Empire State Development awarded the company a $3.2 million capital grant to help fund the investment. This state-level support aims to ensure established businesses have the resources to expand within New York.
The relocation highlights a continuing trend of large-scale firms weighing the benefits of New York’s deep talent pool against the costs of operating in a global financial hub. For Oppenheimer, the decision was rooted in the city’s specific market culture.
“What keeps us here today is the ability to draw on New York’s deep pool of talent and its culture of innovation across financial markets,” said Oppenheimer Holdings Inc. President and CEO Robert Lowenthal.
A 145-year New York legacy
Oppenheimer’s presence in the city is not a new development, but a continuation of a history that began in 1881. The firm’s predecessor, Fahnestock & Co., was established as a Wall Street brokerage house during that era.
The firm has maintained its headquarters in New York City throughout its history, tracing its roots back to 2 Wall Street. The new site at 32 Old Slip remains just blocks away from its historical origins.
The scale of the investment and the retention of over 1,000 high-quality jobs can be summarized by the following figures:
| Category | Detail |
|---|---|
| Total Investment | $66 million |
| New Office Space | ~220,000 square feet |
| Jobs Retained | 1,001 full-time positions |
| State Capital Grant | $3.2 million |
The firm currently operates as a middle-market investment bank and full-service wealth management firm. Its services include capital markets and investment banking, serving a global network of corporate and institutional clients.
Governor Kathy Hochul emphasized that the firm’s decision to grow in Manhattan serves as a signal for the state’s broader economic competitiveness. She stated that the state provides the access to global markets and resources necessary for companies to innovate.
The expansion also aims to revitalize the energy of Lower Manhattan. Empire State Development President, CEO and Commissioner Hope Knight said the move shows the financial services industry in the region is holding steady.
The move comes as New York continues to balance its traditional Wall Street foundations with the rise of emerging financial technology companies. The state’s economic strategy relies on maintaining this mix of established institutions and new innovators to drive growth.
Oppenheimer’s relocation to 32 Old Slip completes a transition toward a more modern infrastructure designed for contemporary financial operations.
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