Truist Financial is trusting those that have come before it, leasing a large amount of space at Related Companies’ 50 Hudson Yards.
The Charlotte-based bank is leasing 100,000 square feet at the Hudson Yards office building, the Commercial Observer reported. Bloomberg first reported the lease, but did not include square footage in the deal, for which asking rent and brokers involved is not clear.
Truist is relocating from Shvo’s 711 Fifth Avenue, the former Coca-Cola building that became the company’s headquarters after BB&T Corporation and SunTrust Bank merged in 2019.
This is the second big lease Related has signed at its Hudson Yards property in recent months. In July, Vista Equity Partners signed a 95,000-square-foot lease at the building. Vista paid between $175 and $240 per square foot for its lease, according to the Observer.
The new 50 Hudson Yards is one of the most expensive office projects ever undertaken in the city, sporting an all-in price tag of roughly $4 billion. Other tenants at the 2.8 million-square-foot, 58-story tower include Meta and BlackRock, which agreed to move its headquarters to the property before it was built.
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Software company ServiceNow also expanded its space at the property, Bloomberg reported, bringing its footprint to 50,000 square feet.
Momentum is gaining in the Manhattan office market. Leasing activity is rising, despite widespread hybrid or remote work arrangements.
August was the busiest month for office leasing in Manhattan since prior to the pandemic, according to a report from Colliers. Approximately 3.4 million square feet were leased last month.
Still, available office space in the borough has increased by 67 percent since March 2020. There is 90 million square feet of vacant space in the market.
— Holden Walter-Warner