The future home of the world's largest rib joint?
As a consequence of its recent shopping spree, the CME Group finds itself a landlord. But the CME Group is not a REIT—so it's got some square feet to sell, starting with the NYMEX's Battery Park City home.
It isn't certain the New York Mercantile Exchange would need to relocate if a deal is made, as CME is considering a lease-back option on that property, which houses one of the few remaining exchange trading floors in the U.S.
But if CME decides to sell, it could take advantage of a hot market for prime real-estate in city centers, fueled by investors eager to vault the paltry yields offered by many other assets….
The company has no plans to close the Nymex trading floor.
Nymex moved to its 16-story tower on the southern tip of Manhattan near Battery Park in 1997. CME acquired the building, which also is home to a number of energy-trading firms, through its $9.5 billion purchase of the exchange's parent in 2008.
The CME is less likely to lease-back the Kansas City Board of Trade's home after it moves the grain pits to Chicago and shuts the whole damned thing down in September, so start the bidding. What better repurpose of obsolete grain-trading pits than as barbeque pits?