Latest News at Hudson Yards Delivers Signs of Optimism for the Office Market

The approximately 400,000-square-foot multi-level space at the Hudson Yards complex that previously served as the home of high-end department store Neiman Marcus will soon have a new occupant. California-based lender Wells Fargo is paying $550 million for the space that spans the entire 5th through 7th floors within the Shops & Restaurants at Hudson Yards. Located at 20 Hudson Yards, Wells Fargo plans to convert the space for office use, expanding the bank’s presence at the complex, having acquired a 500,000-square-foot office condo unit in 2015 within the 30 Hudson Yards tower for an estimated $650 million according to reports at the time. As of Tuesday, September 27, 2023, S&P Global “deemed Hudson Yards is now generating more than enough cash on an ongoing basis to pay debt-holders,” and upgraded the bonds used to build the 18 million-square-foot complex from AA- to AA — the same rating as New York City.