FDIC Signs Lease for Empire State Building

The F.D.I.C. on July 1 signed a 10-year lease for 100,000 square feet at the Empire State Building. The government corporation, headed by the recently Ryan Lizza–profiled Sheila Bair, plans to relocate about 250 employees in its regional and field offices at 20 Exchange Place downtown.

Downtown elected officials aren’t pleased. U.S. Representative Jerrold Nadler, in a July 7 statement: “What I can say is that the economic and symbolic effect of a major federal financial agency leaving the financial district in the midst of severe economic recession is extremely unfortunate. This is bad for the morale of the financial district and the financial industry as a whole.”

An F.D.I.C. spokesman praised the Empire State Building, controlled by the Malkin family: “The new location is within walking distance to major transportation hubs, which will lessen the commute time for a majority of our staff. The proposal we received from the Empire State Building was highly competitive.”

drubinstein@observer.com