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NYC's Far West Side is New Wall Street
[Photo: Hudson Yards - skyscrapercity.com]
Welcome to Hudson Yards on the suddenly desirable far West Side of Manhattan. Big financial-services firms, looking to cut costs and anticipating policies of President-elect Donald Trump, are cranking up searches for new office space as their current leases near expiration.
AllianceBernstein and HSBC have been checking out properties that offer hundreds of thousands of square feet, while KKR & Co. and Wells Fargo Securities have already committed to moving to 30 Hudson Yards. BlackRock said Thursday it was taking 850,000 square feet at 50 Hudson Yards, a 2.9-million-square foot tower expected to open in 2022.
Real-estate executives said at least some of the activity, anticipated next year, will be inspired by a feeling that the financial-services sector will expand as Mr. Trump moves to cut corporate taxes and trim business regulation. At the same time, banks are keeping a keen eye on costs, looking to put more people into less space and opting for cheaper neighborhoods and cities for less-essential functions, executives said.
It takes years for a big financial firm to move offices. The lease on AllianceBernstein’s 600,000-square-foot office at 1345 Sixth Ave. runs through 2024 but the company already has started looking, spokesman Jonathan Freedman said. Hudson Yards, 4 Times Square and 1271 Sixth Ave. are among the options the company has checked out, according to people familiar with the search.
“We are certainly looking for a dynamic new collaborative workspace for the future of the firm,” said Mr. Freedman said.
HSBC, which has space at 452 Fifth Ave., also has been checking potential new offices, people familiar with the company’s searches said. Its lease expires in 2020.
What’s more, big companies have been moving more jobs to cheaper areas of the U.S. and abroad. Last year, J.P. Morgan Chase decided to relocate 2,150 jobs from New York City to Jersey City in exchange for tax incentives.
“It is very difficult to renovate around existing tenancy,” said Jay Cross, president of Related Hudson Yards. “So it’s easier to say, ‘I’m going to shift both neighborhood and office environment.”
Welcome to 'Wall Street West."
