HSBC eyeing move to Tishman Speyer’s Spiral

Bank considering 250K sf lease for NY headquarters

New York /
Jan.January 13, 2022 12:15 PM

Noel Quinn, chief executive, HSBC Group; renderings of 66 Hudson Blvd (HSBC, Tishman Speyer)

The Spiral is nearing completion, but Tishman Speyer’s Hudson Yards tower is still looking to fill out its enormous office footprint with more tenants.

London-based bank HSBC is in discussions to lease about 250,000 square feet at the development for a local headquarters, Bloomberg reported. A source familiar with the negotiations told the outlet tere is still a chance talks fall through.

Tishman Speyer’s building at 66 Hudson Boulevard continues to reel in leases as the prized development comes closer to realization. Turner Construction recently agreed to lease 75,000 square feet at the building for 13 years, perhaps admiring its own work as general contractor of the tower.

Asking rents in the building reportedly ranged from $110 per square foot to $225 per square foot at the time of Turner Construction’s lease.

The Spiral, which sits between 34th and 35th streets, topped out last year at 1,041 feet tall. Bjarke Ingels is the designer of the building, which was 54 percent leased after Turner Construction locked in its deal in November.

The 2.8 million-square-foot project has Pfizer as an anchor tenant with a lease of 746,000 square feet. Other tenants in the development include investment management firm AllianceBernstein and law firm Debevoise & Plimpton LLP.

HSBC has been plotting a reduction of its office space for a year. Group COO John Hinshaw said in an earnings call for 2020’s fourth quarter the company would switch to a hybrid working model. As part of the switch, the bank was expected to shed its real estate footprint by about 40 percent.

If HSBC signs a lease at the Spiral, the firm will be following in the footsteps of one of the biggest bank leases in recent years. It was reported last week Morgan Stanley will lease about 400,000 square feet at Park Avenue Plaza. Its 15-year lease will replace BlackRock, which is departing for a different Hudson Yards development.

[Bloomberg] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    (Image by Wolfgang & Hite via Dezeen)
    Hudson Yards megadevelopment inspires a new line of sex toys
    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
    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
    Facebook close to finalizing Hudson Yards office deal: report
    Office subleases abound in North Dallas suburbs
    Office subleases abound in North Dallas suburbs
    Office subleases abound in North Dallas suburbs
    Discovery at West Road on 9404 West Road, Houston and Haven at Eldridge on 13115 Whittington Drive and McCann Realty Partners Matt Akin (Pegasus Residential, McCann Realty Partners)
    McCann Realty Partners swings two Texas multifamily deals
    McCann Realty Partners swings two Texas multifamily deals
    (Illustration by The Real Deal)
    Manhattan investment sales top pre-pandemic levels in Q4 comeback
    Manhattan investment sales top pre-pandemic levels in Q4 comeback
    From left: Ben Conry and Blair Chenault, co-founders, Flashtract (Flashtract, iStock)
    Construction payments startup Flashtract closes $15M Series A
    Construction payments startup Flashtract closes $15M Series A
    Google buying London office for $1B
    Google buying London office for $1B
    Google buying London office for $1B
    arrow_forward_ios

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

    Loading...