A San Francisco-based Wells Fargo Bank is moving to a new home on the Far West Side of New York. It was confirmed Friday that Wells Fargo Securities has signed on to make 30 Hudson Yards their new home by 2020, thanks to a financial package worth $5 billion.
The banking giant will occupy more than 500,000 square feet at Hudson Yards with a sprawling complex of retail space, apartment buildings, businesses and public land.
The bank's president and COO Tim Sloan said in a statement, "Our move into this vibrant new development reinforces our continued commitment to our investment banking and securities business and to New York City." The new place is part of a lively neighborhood in the city of New York that will fit with the clients of the bank.
The report of the New York Post news said that Wells Fargo announced the move more than a year ago after the largest U.S. bank by assets, JP Morgan Chase, dropped its bid to move at nearby 50-55 Hudson Yards.
Aside from Wells Fargo's move to New York, there are other companies that are slated to join the building that include private-equity firm KKR, media giant Time Warner, and the first Nieman Marcus department store in the city.
Developers Related Cos. and Oxford Properties Group said on Friday that Wells Fargo Securities will occupy nine floors of the tower in 2020.
The deal includes the construction of a 1,296-feet (395-meter) tall building which will have a total of 2.6 million square feet of space. KKR & Co. and Time Warner Inc. will purchase office spaces in the building that will extend the Midtown business district toward the Hudson River, as reported by Bloomberg news.
Wells Fargo Bank is among the lenders that participated in the financing for the tower and a one million-square-foot retail concourse to build a skyscraper on 10th Avenue between 30 and 10 Hudson Yards that is scheduled to be completed next year.
