Leading Financial Services Firm to Purchase More Than 500k Square Feet in Flagship Tower; Building Now Fully Committed
NEW YORK, NY – December 11, 2015 – Related Companies and Oxford Properties Group today announced that Wells Fargo & Co. (NYSE: WFC), one of the world’s leading financial services firms, is purchasing approximately 500,000 square feet 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 Wells Fargo Securities joining the new headquarters of Time Warner Inc. and Kohlberg, Kravis & Roberts (KKR), 30 Hudson Yards will be one of the most dynamic office buildings in the world.
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. Wells Fargo has an outstanding reputation for providing world-class service and an unwavering commitment to their clients. By establishing their New York headquarters in the new and vibrant Hudson Yards neighborhood, Wells Fargo Securities further demonstrates their culture of leadership within the financial sector.”
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 square feet 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 premier 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.
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. 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 unique 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. When complete, more than 125,000 people will visit, work in, or call Hudson Yards their home. 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. For more information on Hudson Yards, please visit www.HudsonYardsNewYork.com
ABOUT WELLS FARGO SECURITIES:
Wells Fargo Securities delivers a comprehensive set of capital markets and advisory products and services, including debt and equity origination and distribution, investment research and economic insights, interest rate, commodity and equity risk management, structured lending facilities, securitization, prime brokerage, clearing and fund services. Wells Fargo Securities is comprised of nearly 5,000 team members in 40+ offices across North America, Europe and Asia.
ABOUT WELLS FARGO:
Wells Fargo & Company (NYSE: WFC) is a diversified community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
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.
Elise Wilkinson, 704.374.6512