CME Group looks to sell Nymex building

NEW YORK (AP) -- CME Group Inc. said Wednesday that it has hired a firm to assist in the sale of the NYMEX building, the headquarters of the New York Mercantile Exchange

The 16-story building is in New York's downtown district overlooking the Hudson River.

The company will continue operation of its Nymex trading floor in New York regardless of whether the building is sold. In the event of the sale, CME may lease back a portion of the building, including the trading floor. It also is investigating the possibility of moving Nymex to other properties in lower Manhattan.

CME Group acquired the Nymex building, along with the exchange, in 2008. Nymex has occupied the building since 1997.

CME Group, in partnership with real estate adviser Holly Duran Real Estate Partners LLC of Chicago, said it has hired Newmark Grubb Knight Frank to explore the sale of the Nymex building.

CME Group announced last year that it had sold two of three buildings that make up the Chicago Board of Trade complex for $151.5 million.

"The sale of the Nymex building will help us continue to reinvest in our core derivatives business, just as we did following the sale and lease-back of office space in the CBOT building in Chicago last year," said CME Group Chief Financial Officer Jamie Parisi said in a statement.