Tracking Wall Street’s eventual migration to Hudson Yards

The financial firms left for Midtown in the '70s, now they're on the move again

TRD NEW YORK /
May.May 15, 2018 09:12 AM

10 Hudson Yards and the Wall Street Bull

Not since traders exchanged paper stocks and checks has Wall Street truly been Wall Street. When the IBM mainframe revolutionized the business world in the 1960s, it gave financial firms the opportunity to scrap paper and move their offices. Many left for Midtown. And now, with technology again being the driving factor, they’re moving to Hudson Yards.

Throughout the past five years, Hudson Yards has attracted 6.7 million net square feet of leases, while a net 10 million square feet of companies either have moved or are planning to move from Midtown, which remains the most expensive business district in the country, according to Bloomberg, which used data from Savills Studley. And of 7.4 million total square feet of relocations into Hudson Yards, financial services is by far the largest industry at 30 percent. 

KKR & Co.BlackRock Inc., Point72 and Wells Fargo all plan to move to the West Side complex.

The city rezoned Midtown East last year to help combat the neighborhood’s glut of space, although a development similar to Hudson Yards remains unlikely to come to the neighborhood.

Filling the void left by into Downtown are printing and publishing companies, at 36 percent of relocations. Midtown is still attracting financial firms, with 58 percent of relocations being in finance.

David Goldstein, of Savills Studley, told Bloomberg that the city’s geography is “really up for grabs. The bank is looking more and more like a tech firm with every passing day.” [Bloomberg] – Eddie Small


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Steve Ross, Eliot Spitzer and a rendering of 451 10th Avenue (Credit: Getty Images) 

Spitzer, Related land $276M in financing for Hudson Yards senior housing project

From left: 330 Madison Avenue, 66 Hudson Boulevard and 599 Lexington Avenue (Credit: Google Maps)

Law firms topped the list of January’s biggest office leases in NYC

The Vessel (Credit: Getty Images)

Suicide at Vessel raises issue for Hudson Yards attraction

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

arrow_forward_ios
Loading...