Wells Fargo paying RFR a fee to break lease at Seagram Building

Bank is relocating to Hudson Yards later this year

New York /
Jan.January 25, 2019 01:30 PM

Wells Fargo CEO Tim Sloan (red) and Aby Rosen (blue) with 375 Park Avenue (Credit: Wells Fargo, Getty Images, and Wikipedia)

Wells Fargo, which is relocating its offices later this year to Hudson Yards, will terminate its lease at RFR Realty’s Seagram Building – a move that will cost the bank a fee of more than $1 million.

The bank’s lease in the iconic building at 375 Park Avenue expires in 2021, according to Trepp. But Wells Fargo has chosen to terminate the lease early, Commercial Real Estate Direct reported.

Wills Fargo is allowed to leave the building before its lease is up, so long as it submits a 60-day notice. The early termination comes with a $1.2 million payment.

Wells Fargo in 2015 inked a deal to buy a 500,000-square-foot office condominium at the Related Companies and Oxford Properties Group’s 30 Hudson Yards tower, which was under construction at the time.

Related and Oxford are planning to open the larger Hudson Yards development in March, and over the next few months office tenants will begin moving into 30 Hudson Yards and 55 Hudson Yards.

In addition to its space at the Seagram Building, Wells Fargo also occupies around 372,000 square feet at 150 East 42nd Street. [CRE Direct] – Rich Bockmann


Related Articles

arrow_forward_ios
Homebuilding is largely responsible for the increase in construction spending. (Getty / Photo Illustration for The Real Deal)
Construction spending hits new record in January
Construction spending hits new record in January
The person behind the prank website is still anonymous. (Getty)
Phony website falsely claims REBNY cancels rent
Phony website falsely claims REBNY cancels rent
(iStock/Illustration by Kevin Rebong for The Real Deal)
These are real estate executives’ worst worries for 2021
These are real estate executives’ worst worries for 2021
15 West 47th Street, 48 West 48th Street and 151 West 46th Street (Google Maps, Getty)
Here’s what tenants are paying at ELO’s Diamond District properties
Here’s what tenants are paying at ELO’s Diamond District properties
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...