Banking

Wells Fargo to move securities operations in New York

Wells Fargo is buying about 500,000 square feet of office space at 30 Hudson Yards, a skyscraper under construction in western Manhattan. This rendering is a view from Central Park.
Wells Fargo is buying about 500,000 square feet of office space at 30 Hudson Yards, a skyscraper under construction in western Manhattan. This rendering is a view from Central Park.

Wells Fargo is buying about 500,000 square feet of office space in a new western Manhattan office tower, which will become the hub for the bank’s New York securities operations.

Wells Fargo Securities intends to occupy nine floors in the 30 Hudson Yards tower in 2020, developers Related Cos. and Oxford Properties Group said in a statement Friday. The bank’s purchase price wasn’t disclosed.

Wells spokesman Elise Wilkinson said the San Francisco-based bank is relocating employees in its securities operation from various locations in New York. Construction on the 90-story building, which will become the city’s second largest, is expected to be complete in 2019.

The move will have no impact on Charlotte, which will remain Wells Fargo Securities’ largest employment hub, Wilkinson said. In Charlotte, most of Wells Fargo Securities’ employees work in the Duke Energy Center in uptown.

Tim Sloan, president of Wells Fargo, said the move reinforces the bank’s commitment to New York City and that 30 Hudson Yards “will be a great fit for our clients and team members.”

The deal means that 30 Hudson Yards, which will be 1,296 feet tall and have 2.6 million square feet of space, is now fully occupied, the partners said. Time Warner and KKR previously agreed to buy offices in the building, which the developers call the flagship office tower for the 28-acre project that will extend the Midtown business district west toward the Hudson River.

Wells Fargo was weighing its real estate options at three of its New York office locations, including the landmark Seagram Building on Park Avenue, a bank spokesman said in March.

The bank inherited its space in the Seagram Building when it bought Wachovia in 2008 as the Charlotte-based bank verged on collapse during the financial crisis. The Seagram Building is also home to law offices where Wachovia conducted merger negotiations during that time.

Wells Fargo is among the lenders participating in the financing for the tower and a 1 million-square-foot retail concourse that will sit on 10th Avenue between 30 and 10 Hudson Yards, a skyscraper that is scheduled to be completed next year. Observer staff writers Deon Roberts and Rick Rothacker contributed.

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