Nomura Hunts for New Manhattan Offices as Firm Seeks to Downsize

The US unit of Tokyo-based Nomura Holdings Inc. is looking for new offices in Manhattan, joining finance firms seeking higher-quality space as they downsize their footprints.

(Bloomberg) — The US unit of Tokyo-based Nomura Holdings Inc. is looking for new offices in Manhattan, joining finance firms seeking higher-quality space as they downsize their footprints.

Nomura is hunting for roughly 500,000 square feet (46,500 square meters) of offices, a smaller space than it currently occupies, according to people familiar with the plans. The firm has hired brokerage Cushman & Wakefield to find the space, said the people, who asked not to be named because the matter is private.

In 2011, Nomura signed a long-term lease for more than 900,000 square feet at Worldwide Plaza in Midtown, for its Americas headquarters. The lease expires in 2033, but the bank has an option to exit in 2027 and is exploring its options to downsize, one of the people familiar with the matter said. Nomura’s current footprint totals 700,000 square feet, the person said.

Nomura and Cushman & Wakefield declined to comment.

Manhattan office vacancies have hit record heights as tenants cut back on unused space in the hybrid-work era. At the same time, many finance firms have made commitments to expand, focusing on newer developments to attract talent.

New or redeveloped skyscrapers on Manhattan’s far west side, Park Avenue and Fifth Avenue have drawn the likes of Ken Griffin’s Citadel, KKR & Co. and private equity shop Blue Owl Capital Inc.

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