In a nod both to changing work habits and real estate expenses across the technology-dependent financial advice industry, the Financial Industry Regulatory Authority Inc. is moving its headquarters to a smaller facility next year.
The new offices are right across the street from the self-regulator's current location, which has been its headquarters since 1971, according to Finra.
"Finra will move its Washington, D.C. headquarters to smaller, more modern and more efficient space in late 2023," a spokesperson wrote in an email to InvestmentNews. "A lease for 67,000 square feet at 1700 K Street NW will become effective December 15, 2023, concurrent with the expiration of the current lease for 80,000 square feet at 1735 K Street NW."
Amid the record-breaking stock market of 2021, brokerage and financial advisory firms were more profitable than ever. But some large enterprises are struggling with the cost of long-term leases for offices in city centers where advisers and staff are loath to work after toiling at home became such an attractive option during the Covid-19 pandemic.
The change will offer Finra employees a hybrid approach combining in-office and remote work. It "enables Finra to effectively accomplish its investor-protection mission in an open, more flexible and collaborative office environment, while controlling costs," the spokesperson added.
Finra will inhabit two floors of the building at its new location. The organization has regional offices around the country, including Atlanta, Boston and Boca Raton, Florida.
In July, Finra reported $218.8 million in net income in 2021, a $199 million increase over 2021, as market volatility generated a big increase in trading fees.
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