48.7 F
New York
Thursday, March 28, 2024

Morgan Stanley Considering  a Move to Hudson Yards

Related Articles

-Advertisement-

Must read

Morgan Stanley Considers Moving Manhattan Headquarters to Hudson Yards

Morgan Stanley is considering a move to Hudson Yards, the new sleek development site on Manhattan’s far West Side. Formerly home to warehouses, rail yards, and dockworkers Hudson Yards is now branded as ‘A new neighborhood for the next generation’.  

According to The Wall Street Journal, Morgan Stanley is considering purchasing the remaining two million square feet at 50 Hudson Yards.  The 985 foot tower, which is slated for completion in 2022, spans an entire block on 33rd Street and 10th Avenue. 50 Hudson Yards will be NYC’s fourth largest commercial office tower. The glass-clad energy efficient tower will offer astounding views of the Hudson River, private sky lobbies and executive valet parking. Designed by Foster + Partners, the 2.9-million-gross-square-foot building has already attracted big names in the financial industry, mostly from midtown Manhattan.  

BlackRock, the world’s largest asset manager which manages $5 trillion in assets, announced in December that it plans to move its headquarters from midtown Manhattan to 50 Hudson Yards in 2022. The 20-year lease, of 850,000 square feet across fifteen floors, was finalized by Related Companies, the famed developer of the Hudson Yards project. State officials helped push for the deal by offering special state tax credits worth up to $25 million, in return for BlackRock keeping 2,672 jobs in Manhattan and pledging to produce 700 more jobs. 

Merely nine years ago, the MTA selected Related to develop Hudson Yards, complete with soaring office towers, residential buildings, a hotel, cultural centers, parks and a five-story mall. As an essential component, the No. 7 Subway Line Extension opened in September 2015, making Hudson Yards easier to reach than any other district in New York. As Lynne Sagalyn, a real estate professor at Columbia University put it “Hudson Yards is breaking the speed record for large-scale development in New York.”

The offices in Hudson Yards have already lured media powerhouses such as Time Warner, Turner, HBO, CNN, Warner Brothers and SAP;  luxury retailers including Coach and L’Oréal; and businesses including BCG, BCG Digital Ventures, Wells Fargo Securities, Intercept, Point72 Asset Management, and MarketAxess. 

“We routinely review potential options for upgrading our workspaces. As we consider plans to continue to upgrade our current office space, we are also in the very early stages of evaluating potential alternatives,” said a representative at Morgan Stanley. “We anticipate a lengthy timeline before any decisions are made.” Morgan Stanley is currently headquartered at 1585 Broadway, which it purchased in 1993 for $176 million, as per Fortune Magazine.

balance of natureDonate

Latest article

- Advertisement -