Broadridge Financial Solutions moves HQ from Long Island to Manhattan
The lobby of Broadridge Financial Solutions Inc.'s headquarters in Lake Success in 2019. Credit: /Debbie Egan-Chin
Broadridge Financial Solutions Inc. has become the latest Long Island public company to move its headquarters elsewhere, choosing Manhattan over Lake Success.
The move follows several other high-profile departures.
The Plainview headquarters of Veeco Instruments Inc., which makes semiconductor equipment, is being transferred to Massachusetts as part of a merger deal that is expected to be completed by March. Comtech Telecommunications Corp., which makes components for satellite and 911 communications systems, jettisoned its Melville headquarters for one in Arizona in 2024. And natural food seller Hain Celestial Group left Lake Success for Hoboken, New Jersey, three years ago.
Nearly 60 public companies now call Long Island home, down from more than 80 a decade ago.
For Broadridge, the relocation of its headquarters did not cause employee layoffs. The company was started in 1987 by Richard J. Daly in his then-East Northport home.
Broadridge executives decided not to renew the lease on 19,340 square feet of headquarters space at 5 Dakota Dr. in Lake Success and instead designated an existing office at 605 Third Ave. in Manhattan as the company’s headquarters as of Sept. 29, according to a securities filing made last month.
"This is an administrative change with zero impact to headcount," company spokesman Gregg L. Rosenberg told Newsday.
"We shifted our official corporate HQ to 605 Third Avenue. We are committed to maintaining our presence on Long Island, anchored in Edgewood," he said Monday, referring to four factories in Suffolk County where more than 1,500 people work.
Rosenberg added that Broadridge plans to open an office in Jericho to "support our executive functions" that had been done in Lake Success. He declined to say how many people worked at the Lake Success office.
"We are in the final stages of finishing the construction and opening the office in Jericho," Rosenberg said.
Broadridge functions as Wall Street’s back office by delivering more than 7 billion documents to shareholders each year and processing trillions of dollars in stock trades each day. Besides its operations on Long Island and elsewhere in the United States, the fast-growing company has offices in Europe, Asia and Australia.
Securities filings show Broadridge reported a profit of $1.1 billion for the year ended June 30 on revenue of $7.5 billion. The company has a stock market value of more than $20 billion.
The change of the headquarters’ address comes six months after Broadridge won more than $60 million in additional tax breaks and allocations of low-cost electricity from New York State, Suffolk County and Islip Town in return for maintaining operations here instead of moving some of them out of state.
Economic development officials told Newsday on Monday that the headquarters relocation did not violate the incentives agreements.
Broadridge had considered transferring work and jobs to California, Connecticut, Florida, Tennessee and Texas, where it also has facilities, to save up to $270 million over 10 years, according to plans submitted to the Suffolk County Industrial Development Agency. The company also proposed moving the Lake Success headquarters to elsewhere on Long Island, the plans state.
In February, Gov. Kathy Hochul announced that Broadridge had committed to spending nearly $80 million on its Long Island facilities and to retain 2,200 jobs statewide in return for the new tax breaks, grants and power allocations over multiple years.
The company did not receive tax incentives for the Lake Success headquarters, Sheldon L. Shrenkel, CEO of the Nassau IDA, said on Monday, adding, "While we want all businesses located in Nassau County to remain, [Broadridge was] under no obligation to notify us about their move."
At the Suffolk IDA, acting CEO Peter G. Ganley III said Broadridge is honoring the commitments it made to the agency in return for $17 million in tax incentives over 12 years. "The IDA will continue to monitor all of its agreements and will take necessary action to recapture benefits when warranted to protect taxpayers," he said.
James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
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