HSBC Picks Tishman Speyer Tower for US HQ

The Spiral. Image courtesy of Tishman Speyer

International bank HSBC announced today it will relocate its U.S. headquarters to Tishman Speyer’s under-construction office tower The Spiral in Midtown Manhattan, in a 20-year, 265,000-square-foot lease deal.

HSBC will move from its former offices at 452 5th Ave., also known as HSBC Tower, to three floors at The Spiral. The 2.8 million-square-foot skyscraper is located on Hudson Boulevard, between West 34th and West 35th Streets in the heart of Hudson Yards.

The bank said it expects to move to the new space in January 2024. In 2017, HSBC made a deal to stay in its 548,000-square-foot space at HSBC Tower for at least five more years, after exploring options in Hudson Yards and Lower Manhattan.

HSBC’s Michael Roberts, CEO of the U.S. and Americas, said in a statement that it’s the “right time” to move the company’s hybrid workforce to a new space that will also help the company better align with its net zero goals.

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A JLL team of Peter Riguardi, Matt Astrachan, Ken Siegel, Mitch Konsker and Will McGarry represented HSBC in the lease deal, while Tishman Speyer was represented in-house.

Tishman Speyer topped off construction of The Spiral in January 2021, three years after launching construction of the tower back in 2018. The New York-based development firm said in the lease announcement that it expects the office tower to be fully completed by this summer.

Designed by Bjarke Ingels’ firm BIG and targeting LEED Gold certification, The Spiral’s exterior will feature a series of landscaped terraces and hanging gardens that will form a spiral design that wraps around the building. Rising to 1,031 feet, tenant amenity offerings at the building will include ZO. Clubhouse, an exclusive amenity center and lounge on the tower’s top floor.

As part of the lease agreement, the bank will open a ground-floor Wealth Center on the corner of West 35th Street and 10th Avenue. The office building will also include about 18,000 square feet of ground-floor retail space.

The developer said it has preleased 70 percent of the tower, which is expected to officially welcome tenants this summer. Those that have signed onto the office building so far include pharma giant Pfizer, which is moving its global HQ to 14 floors at The Spiral, law firm Debevoise & Plimpton LLP, which will occupy 13 floors, and Turner Construction, which will also establish its new global headquarters at the building.