Bloomberg is a financial, data, software, and media corporation. It has its headquarters at 731 Lexington Avenue in Manhattan, New York. Michael Bloomberg established the firm in 1981 alongside Thomas Secunda, Charles Zegar, Duncan MacMillan, and a 30% investment stake by Merrill Lynch. The organization provides financial software and corporate applications including data services, equity trading platforms, and business news. The corporation also operates Bloomberg Television, Bloomberg News, Bloomberg Radio, Bloomberg Markets, and Bloomberg Businessweek. As of October 2019, the company has 167 offices and approximately 20,000 employees. Bloomberg has managed to remain private at a period when many companies are going public to raise capital and survive the harsh economic times. Michael Bloomberg is the largest shareholder. In 2004, the firm sold Bloomberg Sports to STATS LLC for between $15 to $20 million. Since its inception, the company has acquired several firms including WNEW radio, New Energy Finance, BusinessWeek, Bloomberg PolarLake, and RTS Realtime Systems.
Headquarters and Offices
Bloomberg has its headquarters at 731 Lexington Avenue in Midtown Manhattan. The building is informally known as the Bloomberg Tower. The firm occupies over 900,000 square feet at the base of the tower in addition to over 400,000 square feet at 120 Park Avenue. The corporation operates a further 167 offices across the globe, including its European headquarters in London. Bloomberg maintains an open office policy where its entire staff, including the executive officers, sit in white cubicles that include rows of overhead monitors displaying news, weather, market data, and customer service statistics. As of 2019, Peter Grauer was the board chairman, while Michael Bloomberg was the President and CEO.
731 Lexington Avenue
The Bloomberg Tower was opened in 2004. In addition to being Bloomberg's headquarters, it also houses restaurants, retail outlets, and about 105 condominiums. 731 Lexington Avenue is 806 feet and consists of 55 stories. As of January 2019, it was the 30th tallest building in the city and 61st tallest in the country.
Construction of the skyscraper began in 2001, three years after a department store on the site was torn down. It is owned by real estate investment trust Alexander’s. The building was designed to be a residential complex, but Bloomberg negotiated a deal to lease 700,000 square feet at the base of the tower to serve as its headquarters. In 2007, The New Yorker magazine termed the offices a newsroom designed for the technology age.