TPG Capital has struck a deal to move its office space into the Spiral property in Manhattan, located in the Hudson Yards.
The move to take eight floors in the building and 301,276 square feet of space, marked the second-largest lease in October, according to a report from the New York Post. The deal only trailed behind the 924,876 square feet at 919 Third Ave, which Bloomberg took.
The Spiral, owned by Tishman Speyer, is 94 percent leased and measures 2.8 million square feet. Some tenants include Pfizer, Turner Construction, Marshall Wace, Debevoise & Plimpton LLP, and AllianceBernstein. It also serves as HSBC’s US headquarters.
Amenities at the Spiral include outdoor space on each floor, a clubhouse, a studio, dining, parking for executives, and a bike room.
According to the Post, citing an insider, TPG’s move from 888 Seventh Avenue and 245 Park Avenue will give the private equity company a 20,000-square-foot expansion.
“Combining our New York footprint into this state-of-the-art space is an important component of our real estate strategy and represents our firm’s continued growth and evolution,” Anilu Vazquez-Ubarri, partner and chief operating officer of TPG, said, according to the Post.
“Hudson Yards is a hub for leading global businesses, and we are delighted to bring our teams together in a space that offers ample opportunity for continued growth, collaboration, and connectivity.”
New York has continued to lead the nation’s recovery since remote work picked up from the pandemic. A big part of that is due to the live, work, and play environment, as Bruce Mosler, chairman of Cushman & Wakefield, laid out to Fox Business recently.
Meanwhile Amazon is in talks to sign a major lease and take a 350,000-square-foot space at 452 Fifth Avenue, according to a separate report from the Post.
Along with New York, TPG has offices in Chicago, Los Angeles, San Francisco, Fort Worth, and Washington, D.C. Plus, it has a presence in Asia, Europe, and Australia.