National Holdings Corporation has negotiated two leases over the past two months, agreeing to move its headquarters in New York City and reduce its space in Boca Raton, FL.
In May 2013, the Company signed a new lease to replace its present Manhattan headquarters with a new space in Midtown Manhattan. The Company will be downsizing its footprint from its present 19,872 square feet to 11,885 square feet, effective August 31, 2013. This new lease terminates on October 30, 2018.
The company currently offices from 120 Broadway on the 27th Floor, according to its website.
In April the Company renegotiated the lease for its space in Boca Raton, FL. The new lease calls for the return of approximately 5,579 square feet of space prior to August 31, 2013, leaving 11,510 square feet through the new expiration on August 31, 2021. The lease also calls for the reduction of base rent beginning September 1, 2015.
The company’s Boca Raton space is at 1200 N. Federal Highway, according to its website.
National Holdings Corporation is engaged in investment banking, equity research, institutional sales and trading, independent brokerage and advisory services and asset management services through its principal subsidiaries, National Securities Corporation, vFinance Investments, Inc. and National Asset Management Inc. Its registered representatives offer investment products and services, including stocks, bonds, mutual funds, annuities, insurance, and managed money accounts.
As of March 31, 2013, National Holdings Corporation had approximately 960 associated personnel serving retail and institutional customers, trading and investment banking clients. With the exception of its New York, New Jersey, Florida, and Washington branches, its 80 other registered offices are owned and operated by independent owners who maintain all appropriate licenses and are responsible for all office overhead and expenses. These independent operators, many of whom are financial planners, are required to pay their own expenses.
This independent contractor model calls for a much higher payout percentage, typically in the 70-90% range, than the traditional employee model of brokerage which typically only pays between 25-50% of production.