Norway’s Largest Financial Institution to Move to Manhattan’s Newest Neighborhood
NEW YORK, NY – September 22, 2016 – DNB, Norway’s largest financial services group, today announced it will move its North American corporate headquarters to 30 Hudson Yards in Manhattan’s newest neighborhood. The firm has signed a lease with Related for the entire 68th floor (44,517 square feet) in 30 Hudson Yards, the site’s signature office tower. Thirty Hudson Yards is being developed by Related and Oxford Properties Group and has already attracted some of the world’s most influential media and financial services firms, including Wells Fargo Securities, Time Warner Inc. and Kohlberg, Kravis & Roberts (KKR). Thirty Hudson Yards is expected to be completed in early 2019.
Jay Cross, President of Related Hudson Yards said “We are very pleased to welcome DNB, a leading international financial institution to Hudson Yards. We particularly appreciate the focus that DNB places on environmental stewardship and employee wellness, both areas we have invested in heavily. DNB will complement our world-class roster of tenants who have chosen Hudson Yards for the dynamic neighborhood atmosphere and rich amenities.”
Giacomo Landi, Executive Vice President and General Manager for DNB in North America said, “After more than 40 years in traditional midtown Manhattan, we are very excited to be moving to the West Side and joining Related at 30 Hudson Yards, in what will be a wonderful, new, internationally significant building and a truly vibrant New York neighborhood. We fully expect that establishing our new office space in Hudson Yards will help us attract and retain key talent, and help DNB further develop its high quality suite of products and services dedicated to supporting our demanding worldwide client base that use New York as a key financial hub. We look forward to joining other organizations in Hudson Yards with objectives similar to ours.”
The move to Hudson Yards is part of DNB’s global initiative to modernize all of its office space and work practices. DNB began this process in 2012 with the Oslo head office, moving 4,000 people from more than 10 locations to one modern complex in a new neighborhood (‘Bjorvika’) in the Oslo Fjord, an area famous for the world renowned Oslo Opera House. Following the Oslo relocation were similar moves in Bergen, London, Singapore and Stockholm. Each new venue has resulted in a significantly improved environmental footprint for the bank and has modernized DNB’s way of working.
As an ISO 14001 certified company, moving to New York City’s most connected, responsive, clean, reliable and efficient neighborhood was imperative to maintaining DNB’s environmentally friendly footprint. Soon to be home to a first of its kind microgrid, Hudson Yards will utilize two onsite cogeneration plants to generate power and heat for use within the buildings, as well as provide additional standby power in the event of a grid outage. The development will also collect nearly 10 million gallons of storm water from building roofs and public plazas to be used in its mechanical and irrigation systems, conserving potable water for drinking and reducing stress on New York’s sewer system.
Additionally, 30 Hudson Yards – the LEED Gold-designed 90-story tower, designed by Bill Pedersen of Kohn Pedersen Fox – will stand 1,296 feet tall and offer DNB employees a state-of-the-art commercial office environment and a number of in-suite and neighborhood amenities that will help attract and retain the best talent. Large floor plates will keep all of DNB’s employees on the same floor and increase productivity and communication, while offering its staff a more modern and cutting edge work environment – something that is not possible in the typical commercial banking offices in New York City. DNB employees and clients will enjoy panoramic views of the city skyline and the Hudson River; direct access to premier retail shops, restaurants, the city’s highest outdoor observation deck; and a direct connection to the new No. 7 Subway extension for seamless commuting and client visitation. Tenants of Hudson Yards will be able to take advantage of the 5-acre Public Square and Gardens, Hudson Park and Boulevard, the High Line and the Hudson River Park – great green oases within the City. Over the term of the DNB lease, Hudson Yards will further benefit from increased connectivity with the planned improvements to Penn / Moynihan Station and the Port Authority Bus Terminal.
Don Preate and Frank Coco of Cushman and Wakefield and David Brooks from Paul Hastings represented DNB in the transaction, and Stephen Winter of Related represented the ownership group.
With 11,000 employees and a 200 year history, DNB is Norway’s largest financial services group, and one of the largest in the Nordic region. Within Norway, DNB is a universal bank offering a full range of retail, corporate and investment banking solutions for its clients. Globally, DNB follows an industry-based strategy centered on the Maritime, Energy, Healthcare and Fishery industries offering a variety of corporate and investment banking products for these clients. In all of these industries DNB has a leadership position. DNB has been in New York for more than 40 years. For more information, please visit www.dnb.no.
ABOUT RELATED COMPANIES:
Founded over 40 years ago, Related Companies is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, fund management, marketing and sales. The Company’s existing portfolio of real estate assets, valued at over $30 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London, São Paulo and Shanghai, and is well-known for having developed the 2.8 million square foot Time Warner Center in New York City and the 72-acre CityPlace in West Palm Beach as well as being a leader in green building. For more information, please visit www.related.com.
ABOUT OXFORD PROPERTIES GROUP:
Oxford Properties Group is a global platform for real estate investment, development and management, with approximately 2,000 employees and over $40 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, and the company’s portfolio includes approximately 56 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of OMERS. For more information, please visit www.oxfordproperties.com.
ABOUT HUDSON YARDS:
With more than 8.5 million square feet of residential, commercial and retail space now under construction or operational, Hudson Yards is on track to open the entire first phase by 2019. Ten Hudson Yards – home to Coach Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs – opened in May. Sales for the 285 residences at 15 Hudson Yards have commenced. Fifty-Five Hudson Yards, home to Boies, Schiller & Flexner, Milbank, Tweed, Hadley & McCloy LLP, Point72, and MarketAxess will open in 2018. The one million square foot retail center and 5-acre Public Square and Gardens will open in the fall of 2018, followed in 2019 by 30 Hudson Yards and, the site’s mixed-use tower, 35 Hudson Yards.
Hudson Yards is the largest private real estate development in the nation’s history. The site itself will include 17 million square feet of commercial and residential space; more than 100 shops and restaurants, including New York City’s first Neiman Marcus and signature restaurants by Chefs Thomas Keller, José Andrés and Costas Spiliadis; approximately 4,000 residences; 14-acres of public open space; a new 750-seat public school and an Equinox® branded luxury hotel with more than 200 rooms – all offering unparalleled amenities for residents, employees and guests.
For more information about Hudson Yards, please visit HudsonYardsNewYork.com.