Wells Fargo is buying the former Neiman Marcus space at Manhattan's Hudson Yards—with plans to use it for an expansion of the bank's office footprint in NYC.
The deal for 400K SF at 20 Hudson Yards involves the bank acquiring floors five through seven for $550M. The sellers are Related Cos. and Oxford Properties, who will continue to own the balance of the 11-story building, which includes a shopping mall and restaurants.
The switch from a retail occupant to offices is another indication that the original strategy that Hudson Yards offices would drive traffic for retailers and luxury condos is not panning out as envisioned.
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