Bank is reportedly purchasing 400,000 square feet at 20 Hudson Yards in one of the largest commercial property deals in the Big Apple this year.
Wells Fargo & Co. is planning to spend $550 million to acquire 400,000 feet of retail space in New York City’s Hudson Yards and convert it into office space in one of the largest commercial real estate deals this year in the Big Apple, Bloomberg reported on Wednesday.
The move comes less than a year after private-equity investment firm KKR & Co. Inc. KKR, +0.09% signed a lease to increase its headquarters size in New York City’s 30 Hudson Yards by 220,000 square feet, The Wall Street Journal reported in Januar7. KKR paid more than $500 million in 2021 for a majority stake in the 2.6 million square foot 30 Hudson Yards building’s observation deck. It already owns about 240,000 square feet in the building.
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