HSBC Opens 265 KSF Hudson Yards HQ
The financial firm joins several other global companies, including Pfizer, Marshall Wace, Alliance Bernstein and Debevoise & Plimpton.
HSBC has officially opened its headquarters at The Spiral at Hudson Yards, a 66-story office building totaling 2.8 million square feet in Manhattan, N.Y. The bank will occupy 265,000 square feet at Tishman Speyer’s building for 20 years.
The company committed to three floors at the property in May 2022 and moved from its former space at 452 Fifth Ave., also known as HSBC Tower. Its previous offices measured 548,000 square feet.
Tishman Speyer completed the skyscraper last year. The development team included Turner Construction, Adamson Associates and structural engineer WSP Cantor Seinuk, as well as architecture firm Bjarke Ingels Group. JLL provided project development and brokerage services.
HSBC joined several other global companies at the Class A tower, including Pfizer, Marshall Wace, Alliance Bernstein and Debevoise & Plimpton, according to CommercialEdge information.
Nine years in the making
The developer acquired the site for The Spiral in April 2014 for $438 million and filed the plans two years later, when it also paid $78 million for tower air rights.
In 2018, the firm obtained a $1.8 billion construction financing package from Blackstone Mortgage Trust Inc. for the project, which was valued at $3.6 billion. Between 2022 and 2023, Blackstone originated three more notes totaling $485 million, while the New York City Industrial Development Agency also provided a $150 million loan, CommercialEdge information shows.
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Construction on the high-rise started in 2018 and topped out in 2021. Pursuing LEED Silver certification, the property has 13,000 square feet of outdoor space and various environmentally friendly components. Additionally, the building features floorplates ranging from 28,000 to 60,000 square feet and 27,000 square feet of retail space.
Other amenities at the skyscraper include a clubhouse, a lounge on the 66th floor that has an open-air terrace, an event space and multiple outdoor terraces. The high-rise is at 66 Hudson Blvd., less than 1 mile from Empire State Building and within 2 miles from the Rockefeller Center.
Manhattan’s office sector
Manhattan continued to lead nationally for asking rates as of April, with $69.72 per square foot, considerably higher than the $37.66 national average, the latest CommercialEdge office report shows. Additionally, the market’s vacancy rate during the same period clocked in at 17.6 percent, an 80-basis-point growth year-over-year, but still under the 18.8 percent U.S. average.
Last month, George Comfort & Sons signed the largest office lease in the metro year-to-date, a 20-year, 338,085-square-foot commitment. American Eagle Outfitters Inc. will relocate its New York City offices to the 15-story building.
Other notable deals in the area include Citizens Bank’s agreement to occupy 74,000 square feet at 1301 Avenue of the Americas in Midtown Manhattan. Paramount Group owns the 1.7 million-square-foot tower.
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