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Deals & Dealmakers

Wells Fargo closes Hudson Yards deal

Related Companies and Oxford Properties Group confirmed this week that Wells Fargo & Co. , one of the world’s leading financial services firms, is purchasing 500,000s/f of office space at 30 Hudson Yards and moving the New York headquarters of Wells Fargo Securities, its investment banking and capital markets business, to Manhattan’s vibrant West Side.

Wells Fargo Securities plans to move its New York City-based employees into nine floors at the flagship office tower in 2020.

30 Hudson Yards is being developed by Related Companies and Oxford Properties Group and is now fully committed with Time Warner Inc. and Kohlberg, Kravis & Roberts (KKR) both opening headquarters there.

Tim Sloan, Wells Fargo’s President and COO, said, “We are excited to be moving Wells Fargo Securities’ New York headquarters to 30 Hudson Yards. Our move into this vibrant new development reinforces our continued commitment to our investment banking and securities business and to New York City. 30 Hudson Yards is part of a lively neighborhood in New York City that will be a great fit for our clients and team members.”

Stephen M. Ross, Related Companies Chairman, said, “Wells Fargo’s commitment to purchase half a million square feet not only signifies the completion of tenancy for 30 Hudson Yards, but further solidifies Manhattan’s West Side as the ideal choice for businesses that want a 21st century, best-in-class, mixed-use neighborhood environment for their employees.”
Blake Hutcheson, CEO of Oxford Properties Group, said, “We are thrilled to welcome Wells Fargo to 30 Hudson Yards. Their partnership and support has been a catalyst in making this project a success. We are delighted they are committed to calling Hudson Yards home for their New York headquarters, and we look forward to a long and prosperous relationship.”

Designed by Bill Pedersen of Kohn Pedersen Fox, the LEED Gold 90-story tower will stand 1,296 feet tall and offer state-of-the-art commercial office space for Wells Fargo Securities employees and clients.

Its space will feature two trading floors — more than 75,000 s/f each — that will be among the largest and most advanced in New York City. Wells Fargo Securities will also occupy seven upper office floors, with river-to-river panoramic views.

The building has direct access to retail shops, restaurants, and the city’s highest outdoor observation deck featuring a top floor restaurant and event space.
A triple-height ground floor lobby offers entrances off of Tenth Avenue and Hudson Boulevard, and a direct connection to the new No. 7 subway extension.

Hudson Yards is the largest private real estate development in the nation’s history and includes 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including New York City’s first Neiman Marcus, approximately 5,000 residences, a cultural space, 14-acres of public open space, a new 750-seat public school and a 200-room Equinox branded luxury hotel.

Hudson Yards will also serve as the corporate home to Boies, Schiller & Flexner, The Boston Consulting Group, Coach Inc., L’Oréal USA, SAP and VaynerMedia. Related and Oxford were represented by Robert Alexander of CBRE and Stephen Winter of Related. Wells Fargo was represented by Ben Lambert from Eastdil Secured and Dale Schlather from Cushman & Wakefield.

Wells Fargo Securities is the third commercial office tenant to invest in and plan a move to 30 Hudson Yards, joining KKR and Time Warner Inc. Construction on the tower is expected to be complete in 2019.

Fried Frank acted as counsel to Time Warner Inc. in the development and purchase of its new headquarters at Hudson Yards. The transaction closed on December 11. Under the terms of the deal, Time Warner has acquired more than 1.3 million square feet of commercial office and broadcast studio space in 30 Hudson Yards.

The Fried Frank team is led by real estate counsel Stephen Lefkowitz and includes tax partner Richard A. Wolfe, and real estate special counsel David I. Badain.

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