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Investment bank Barclays PLC is considering moving out of its Times Square office space and into Hudson Yards.
Barclays is reportedly looking to move out of the building it owns at 745 Seventh Ave. to pick up a 500K SF office space in Related’s megadevelopment, Bloomberg reported last week.
In November, Related and co-developer Oxford Properties Group had leased up 91% of all office space in Hudson Yards: 30 Hudson Yards is fully leased, 50 Hudson Yards is 99% leased and 55 Hudson Yards is 75% leased, it said at the time.
Since then, New York City's office market has become uncertain, and the so-called retail apocalypse has intensified amid the pandemic. Neiman Marcus pulled out of its 188K SF retail lease at Hudson Yards after filing for bankruptcy in July. Related could convert the space to an office use.
Office leasing in New York is set to hit its lowest point this millennium, but has been propped up by a few major leases, such as the 730K SF office lease Facebook inked at the Farley Building across from Penn Station — it also leased 1.5M SF at Hudson Yards last year.
Related CEO Jeff Blau has been one of the loudest voices in the choir of office landlords pushing for many to come back to the office. He argued that “the city can’t recover” until workers came back to the office in an op-ed for The Wall Street Journal last month.
When workers do return, Hudson Yards will see more than ever before, as the city's Far West Side has been the focal point of major office occupiers the past few years.
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