“Wells Fargo & Co. is planning to spend $550 million to acquire 400,000 feet of retail space in New York City’s Hudson Yards and convert it into office space in one of the largest commercial real estate deals this year in the Big Apple, Bloomberg reported on Wednesday.” New HQ some day?? Lol
8 replies (most recent on top)
A soon to be tanking market isn't prime time to consolidate (aka buy high) it's a prime time to downsize holdings. In the coming year the property we have will drop off a cliff in value. If you wanted to buy space, THAT would be the time, not before the cliff.
What an incredibly stupid financial move to stroke a narcissists oversized ego.
I wouldn't read too much into this. This will simply allow them to close 42nd St. Wells has about 350k sf there. This is just an expensive way to consolidate into one building/development.
Old news.
Old Neiman Marcus space that sat vacant for years.
Quid pro quo deal.
Who claimed this was progressive? Wow you totally owned the voices in your head.
Considering how gung-ho Eric Adams (New York’s mayor) was to look at converting unused office space into housing a few weeks ago, I can almost see this as a move by Charlie to control who the neighbors are. Considering rank and file employees generally aren’t in Hudson Yards (who could afford living in the city let alone the commute), I can only see this as an effort to have space for some unannounced expansion. Hybrid work is here to stay. 3 days in 2 out seems to be the norm across corporate America post Covid. Wells Fargo doesn’t have the moxie to deviate from that. To many remote agreements have been cancelled to force everyone back to 5 days in office.
Who said it was "progressive"? Wow you totally owned the voices in your head.
Welcome to last week's news.