Stephen Ross and 50 Hudson Yards of Related Companies (Related Companies, 50 Hudson Yards)
Truist Financial trusts its predecessors, leasing significant space at 50 Hudson Yards to Associated Companies.
The Charlotte-based bank is leasing 100,000 square feet in the Hudson Yards office building, Commercial Observer reported. Bloomberg first reported the lease, but did not include square footage in the deal, with the rent inquiry and brokers involved unclear.
Truist will relocate 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 major lease Related has signed at the Hudson Yards property in recent months. In July, Vista Equity Partners signed a 95,000-square-foot lease on 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 built in the city, with an all-in price tag of around $4 billion. Other tenants in the 2.8 million-square-foot, 58-story tower include Meta and BlackRock, which agreed to move its headquarters to the property before it is built.
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 increasing, despite widespread hybrid or remote work arrangements.
August was the busiest month for office leasing in Manhattan since before the pandemic, according to a report from Colliers. About 3.4 million square feet were leased last month.
However, available office space in the borough has increased by 67 percent since March 2020. There are 90 million square feet of vacant space on the market.
— Holden Walter-Warner