Wells Fargo Acquires Vacant Retail Space At 20 Hudson Yards From Neiman Marcus For $550M

The vacant space at 20 Hudson Yards in Manhattan's Hudson Yards neighborhood has been sold in a transaction worth $550 million. The property, spanning 400,000 square feet across three floors, was purchased by Wells Fargo & Co from Neiman Marcus. This acquisition adds to Wells Fargo's existing presence in the area, increasing its total square footage to 900,000 square feet.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $550,000,000
• Address: 20 Hudson Yards
• Market: Hudson Yards, Manhattan
• Square Footage: 400,000
• Price per Square Foot: $1,375

The deal was brokered by Adam Spies and Douglas Harmon of Newmark. Charles Scharf, the CEO of Wells Fargo & Co, represented the buyer in the transaction. On the selling side, Jeff Blau of Related Cos and Daniel Fournier of Oxford Properties Group were involved in the deal.