NEW YORK, May 17, 2016 /PRNewswire/ -- Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, has moved its New York office and the headquarters of Morningstar Credit Ratings, LLC to 4 World Trade Center in lower Manhattan.
The Chicago-based company quadrupled its space from its previous New York offices in Bryant Park to accommodate its East Coast base of clients and growing credit ratings business. Morningstar has a 10-year lease for 30,000 square feet on the 48th floor of 4 World Trade Center.
"Our new office demonstrates our growth and commitment to being closer to many of our clients who call New York home," Joe Mansueto, chairman and CEO of Morningstar, said. "We're thrilled to expand our footprint by leasing such a beautiful space. After an extensive search, we chose 4 World Trade because we love the building's design."
Morningstar's offices around the globe have an open floor plan and modern layout that reflects the company's culture of transparency and collaboration. Envisioned by Pritzker Prize-winning Japanese architect Fumihiko Maki, 4 World Trade's geometric design offers sunlit offices with 10-foot-high panes of clear glass and uninterrupted views of the New York skyline. Nearly half of the new office includes flexible work space intended for interacting with clients and hosting seminars, workshops, and events.
Morningstar currently has more than 60 employees in New York, the majority of whom work at Morningstar Credit Ratings, a subsidiary of Morningstar, Inc. and an emerging player in the Nationally Recognized Statistical Ratings Organization (NRSRO) industry. Morningstar Credit Ratings has 80 additional employees working in its previous headquarters in Horsham, Pennsylvania.
Since 2009, Morningstar Credit Ratings has evaluated and rated more than 240 new-issue structured finance transactions representing approximately $163 billion of securities issuance across commercial mortgage-, residential mortgage-, and asset-backed securities.
"We're already enjoying having clients in our new office with its breathtaking views," Vickie Tillman, president of Morningstar Credit Ratings, LLC, said. "Our workplace needs have increased and we're excited to serve a broad range of issuers and institutional investors, including, asset managers, hedge funds, pension funds, and insurance companies."
In 2015, Morningstar Credit Ratings provided new issuance ratings on more than 40 percent of all commercial mortgage-backed securities in the market. The company is a leader in the single-family rental sector, having rated 100 percent of these securities since the inception of this asset class in 2013. In addition, Morningstar expanded its rating business to include asset-backed securities in 2015 and is actively rating these transactions.
About Morningstar, Inc. and Morningstar Credit Ratings, LLC
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on approximately 525,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on nearly 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement and management as of March 31, 2016. The company has operations in 27 countries.
Morningstar Credit Ratings, LLC is a subsidiary of Morningstar, Inc. and a nationally recognized statistical rating organization (NRSRO) offering a wide array of services including new-issue ratings and analysis, operational risk assessments, surveillance services, data, and technology solutions. Morningstar, Inc. is not an NRSRO and does not issue NRSRO credit ratings.
©2016 Morningstar, Inc. All Rights Reserved.
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SOURCE Morningstar, Inc.