Goldman - Going Nowhere After 134 Years

The Wall Street Journal reports that Goldman Sachs, unlike some of its rivals, is committed to remaining downtown and looks certain to build a new 1.5 million-square-foot HQ building on a site, currently a parking lot, across from Ground Zero in lower Manhattan.

Although the Goldman plan is said to be at a preliminary stage, it seems that the firm is keen to remain headquartered in the immediate area, although will expect favourable terms to stay. The City of New York will no doubt be keen to have Goldman in lower Manhattan, especially as rivals like Lehman and Morgan Stanley have moved to midtown Manhattan and elsewhere.

The new building is being planned as Goldman is said to be facing the expiry of leases on three other buildings it uses in the area, including its current HQ on Broad Street. Firm spokesman Lucas Van Praag is quoted in The New York Daily News, saying: 'Goldman Sachs has been headquartered downtown for 134 years. We're committed to remaining here'.

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