Truist Financial will join a select list of tenants — consisting of the likes of Meta, Vista Equity Partners and ServiceNow — at the soon-to-be-completed 50 Hudson Yards in Midtown Manhattan. The Charlotte, NC-based bank will relocate its staff from its current offices at 711 Fifth Ave. to occupy 100,000 square feet in the tower owned by Related Companies.
The $3.8 billion skyscraper — which occupies an entire block at the northwest corner of 33rd Street and 10th Avenue — is part of the Hudson Yards mega-project on the far West Side. Notably, 50 Hudson Yards will be the tallest structure built by Related. Designed by Foster + Partners, the property will feature 94 elevators and generous floor plates and can accommodate 500 or more workers per floor. In addition to dedicated, ground-level lobbies, the building will also feature standard sky lobbies and outdoor terraces. Other amenities include executive valet parking, as well as direct access to No. 7 subways.
The 2019 merger with BB&T Corp. and SunTrust Banks went to the newly formed Truist at its former headquarters at 711 Fifth Ave. — Nightingale Properties and Wafra Capital Partners’ office space in Midtown also known as the Coca-Cola Building. It is thought that the bank’s decision to move to a high-profile, state-of-the-art building like 50 Hudson Yards was possibly made with the intention of bringing employees back to the office.
Hudson Yards development (Image credits: Shutterstock)
Of course, demand for office space has yet to catch up with supply in Manhattan’s office market after the COVID-19 pandemic. However, some financial and technology companies have seized the opportunity to expand their footprints in newly renovated or developed trophy office buildings as they push for greater returns to the office for their employees.
For example, about a month before Truist closed its lease deal, Vista Equity signed an agreement for 95,000 square feet of office space at the property, reportedly paying between $175 and $240 per square foot . Software company ServiceNow also recently increased its presence in the building to about 50,000 square feet.
Even before construction began on 50 Hudson Yards, the building was already attracting the attention of major players. Social media giant Meta signed on in 2019 and also has space at other Hudson Yards properties, while BlackRock agreed to move its headquarters to the skyscraper in 2016.
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Last modified: September 22, 2022
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About the Author / Diana Sabau
With years of intensive research into the US commercial real estate market at Yardi Matrix, Diana currently puts her experience to use by writing for several Yardi blogs. He covers CRE investing, job market trends and technology. His work has been featured in the New York Times, GlobeSt, The Real Deal, NAIOP, MSN and Bisnow.
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