HSBC is moving its US headquarters to a new Tishman Speyer-developed tower on the west side of Manhattan, joining a flight of tenants to top-tier office space outside of the island’s central Midtown office district.
The bank said on Monday that it had signed a 20-year lease for 265,000 sq ft across three floors in the Spiral, a 65-story tower at 34th Street and 10th Avenue
There is a growing consensus among developers and property executives that, in an era of flexible working, owners of New York’s older towers will have to embark on expensive redesigns or accept lower rents.
HSBC’s longtime US home on Manhattan’s Fifth Avenue consists of a 1980s glass tower that wraps around the historic Knox Building. It features a below-ground vault that stored gold for clients. Israel’s Property and Building Corp sold the tower to New York’s Innovo Property Group in December for $855m, taking a $45m loss.
