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Matthew.Brendan

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Posts posted by Matthew.Brendan

  1. Well if you think the Market has learned anything about risk and exposure from the "great recession" of 2008 look no further than the current derivatives market and the resurgence of Credit Default Swaps in particular. Fun times ahead! or maybe Credit Suisse was just an aberration and not the canary. Guess only time will tell.

  2. image.thumb.png.95654eec7395e0fe3bba6c7602d3ae36.png

     

    Gotta ask.... what is the holdup with this lot and the fact that the Rail Trail is unfinished in that spot?

    Also that is 0.6 miles between Tremont and Remount without any cross over to the other side, in one of the most dynamic/active sections of the trail. I'm sure CATS would never go for a raised pedestrian walkway over the tracks but it seems like no real opportunity for an at-grade crossing either?

     

  3. 15 minutes ago, CLT2014 said:

    I wonder if some of the buildings would just be cheaper to demolish to replace with residential rather than try to convert. Would love to see a Las Vegas style implosion. 

     

    image.jpeg.633b924420450febc7105a0bc43cad12.jpeg

    Been there, done that. 

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  4. 3 hours ago, CarolinaDaydreamin said:

    Man we really need to be talking about a blue line extension...

    nobody wants to sit on the train for an hour to get uptown.

    an express train running uptown <> btyne would take what, maaaybe 20 mins end to end?

    it's <15 miles and without stopping it should be able to cruise what ~50  mph for most of the stretch?

     

     

    hahahaha who am I kidding. fantasy land sure is a nice place to visit though!

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  5.  

     

    Wells Fargo To Expand in New York City’s Hudson Yards, Relocating 2,300 Employees

    Bank Plans To Take Former Neiman Marcus Space at Biggest US Private Real Estate Development

    image.thumb.png.702f5d11b59b07b299c01da2e9fdbace.png

    Wells Fargo has bought the former Neiman Marcus space at 20 Hudson Yards with plans to relocate about 2,300 employees from across town. Its new space, depicted in a rendering, will overlook the public art installation known as the Vessel. (Wells Fargo)

    By Andria Cheng
    CoStar News

    November 28, 2023 | 4:34 P.M.

    Banking giant Wells Fargo is expanding its office footprint in New York City's Hudson Yards, billed as the largest U.S. private real estate development, and consolidating most of its city office employees at one location.

    Wells Fargo has bought 445,000 square feet across floors five to seven at 20 Hudson Yards within the mixed-use development in Manhattan, a company spokesperson told CoStar News, adding the deal occurred this month. That adds to the nine floors Wells Fargo previously purchased at 30 Hudson Yards in 2015. The buildings are connected internally and will include 950,000 square feet in total, the spokesperson said.

    Wells Fargo is said to have shelled out about $550 million for what was formerly a Neiman Marcus luxury retail store at 20 Hudson Yards. The spokesperson declined to comment on deal terms.

    About 2,300 Wells Fargo employees are expected to move to the new space from the company’s current office at 150 E. 42nd St. beginning in late 2026, the San Francisco-based firm said in a statement. Wells Fargo already has some 2,000 employees based at 30 Hudson Yards, the company spokesperson told CoStar News.

    The relocation plan affects only its Manhattan office staff and doesn’t include nearby offices in New Jersey, or retail branch locations, the spokesperson said, adding New York and New Jersey is one of Wells Fargo’s 10 largest employment markets.

    Wells Fargo’s current space at 150 E. 42nd, between Lexington and Third avenues and owned by David Werner Real Estate, spans more than 433,000 square feet, according to CoStar data.

    “This investment further solidifies our long-standing commitment to NYC and will help us create an enhanced, more collaborative environment for our NYC-based employees,” Wells Fargo CEO Charlie Scharf said in the statement. “Our new space at Hudson Yards will allow us to bring our Manhattan employees together in one place where they can work in a new, modern workplace as we work to build a stronger company.”

    image.thumb.png.78a36a8e32d33dc0994d485b99e99633.png

    Wells Fargo has engaged Hudson Yards' developer Related Cos. to design its newly bought space, depicted in a rendering, at 20 Hudson Yards. (Wells Fargo)

    Wells Fargo has engaged Related Cos., Hudson Yards' developer, to convert the space. Its new offices will include room for collaborative work and amenities such as a food hall with rotating local restaurants, Wells Fargo said, adding there also will be an all-day coffee bar with views including that of the Vessel, the giant honeycomb-looking public art installation that's the focal point of the complex.

    The building will include a dedicated entrance for Wells Fargo on 10th Avenue and naming rights on the exterior of the property.

    Besides office space, the massive $25 billion mixed-use Hudson Yards features an Equinox hotel and residential towers as well as retail shops, restaurants and tourist attractions such as the popular Edge observation deck. It’s across from Brookfield’s Manhattan West development and near Vornado’s Penn District complex surrounding the Penn Station transit hub.

    Hudson Yards has benefited from the so-called flight to quality of well-resourced companies seeking new or renovated top-tier properties to attract and keep talent. It also counts among other office occupants private equity firm KKR, which this year signed a lease spanning about 220,000 square feet at 30 Hudson Yards to double its already sizable footprint at the complex.

    50 Hudson Yards, billed as the fourth-largest office building in New York and biggest to debut during the pandemic, counts investment giant BlackRock and Facebook parent Meta as its two largest tenants.

    Wells Fargo’s “significant expansion demonstrates both the success of Hudson Yards' modern lifestyle offices and live, work, play environment, as well as the power of New York City to meet the evolving needs of the world’s most innovative companies,” Jeff Blau, CEO of Related Cos., said in the statement.

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