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UPDATE 1-Wells Fargo to move securities arm to New York's West Side

Published 2015-12-11, 02:05 p/m
© Reuters. UPDATE 1-Wells Fargo to move securities arm to New York's West Side
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Dec 11 (Reuters) - Wells Fargo (N:WFC) & Co WFC.N will move the
New York headquarters of its investment banking and securities
business to Hudson Yards, the mammoth project under construction
on Manhattan's West Side, in 2020, developers of the site said
on Friday.
Wells Fargo Securities will install two 75,000-square-feet
trading floors, billed as among the largest and most advanced in
the city, Related Companies and Canada's Oxford Properties Group
said in a statement.
The company will also occupy seven upper office floors, with
views of both the Hudson and East rivers, in a deal that totals
about 500,000 square feet of space at 30 Hudson Yards, the
biggest of four office buildings already under construction or
planned for the site.
The purchase of nine floors commits all the office space at
the flagship 2.6 million-square-foot tower, which also will
house the new headquarters of Time Warner Inc (N:TWX) TWX.N and
private equity firm KKR & Co LLP KKR.N .
Plans for the 28-acre development include 17 million square
feet of commercial and residential space, shops, restaurants, a
public school and a luxury hotel. Related says Hudson Yards is
the largest private real estate development in U.S. history.
Related and Oxford Properties also said they closed on more
than $5 billion in financing for 30 Hudson Yards and an adjacent
building for restaurants and retail stores that will be anchored
by Neiman Marcus.

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