Truist Financial will join a select list of tenants — comprised of the likes of Meta, Vista Equity Partners and ServiceNow — at the soon-to-be-completed 50 Hudson Yards in Midtown Manhattan. The Charlotte, N.C.-based bank will relocate its staff from its current offices at 711 Fifth Ave. to occupy 100,000 square feet in the Related Companies-owned tower.
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 of the structures erected by Related. Designed by Foster + Partners, the property will feature 94 elevators and generous floor plates and be able to accommodate 500 or more workers per floor. In addition to dedicated, ground-level lobbies, the building will also feature common sky lobbies and outdoor terraces. Other amenities include executive valet parking, as well as direct access to the No. 7 subway.
The 2019 merger with BB&T Corp. and SunTrust Banks landed the newly formed Truist in its previous headquarters at 711 Fifth Ave. — Nightingale Properties and Wafra Capital Partners’ office space in Midtown that’s also known as the Coca-Cola Building. It’s speculated that the bank’s decision to move to a high-profile, state-of-the-art building like 50 Hudson Yards could potentially have been made with the intention to draw employees back into the office.
Hudson Yards development (Photo credits: Shutterstock)
Of course, demand for office space is yet to catch up to the supply in Manhattan’s office market in the aftermath of the COVID-19 pandemic. However, several finance and tech companies have seized the opportunity to expand their footprints in newly renovated or developed trophy office buildings as they push for a wider return to office for their employees.
For instance, roughly one month before Truist closed on 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 in 2019 and also has space at other Hudson Yards properties, while BlackRock had agreed to move its headquarters to the skyscraper as early as 2016.
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