Posted Sep 27, 2023, 10:24 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,907
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https://www.investmentnews.com/wells...or-550m-243961
Wells Fargo buying Neiman Marcus space in NYC for $550M
The firm plans to convert the roughly 400,000 square feet of space into offices.
September 27, 2023
By Bloomberg News
Quote:
Wells Fargo & Co. is buying the former Neiman Marcus space at Manhattan’s Hudson Yards for roughly $550 million and plans to convert it into offices, according to people with knowledge of the deal.
The transaction includes about 400,000 square feet (37,000 square meters) spanning floors five through seven at 20 Hudson Yards, according to the people, who asked not to be identified because the matter is private.
The sellers are the developers, Related Cos. and Oxford Properties Group, which still own the rest of the 11-story building, home to the project’s shopping mall and restaurants.
Remote work and cost-cutting by tenants has hurt demand for offices in New York, but companies in the market for space have gravitated toward newer developments, including Hudson Yards. Private equity giant KKR & Co. recently agreed to expand its offices at the project on the far west side. The firm also owns a majority stake in the observation deck at 30 Hudson Yards.
Wells Fargo already houses its securities, investment banking and capital markets business at 30 Hudson Yards. The company purchased roughly 500,000 square feet of offices there in 2015.
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