Investment banking giant Morgan Stanley is reportedly considering a move to westward, to one of the skyscrapers rising in Manhattan’s Hudson Yards.
According to people familiar with the matter, Morgan Stanley might shift its headquarters from midtown Manhattan and buy up a 2 million-square-foot space at 50 Hudson Yards, the Wall Street Journal reported. Asset management giant BlackRock is also expected to move their headquarters there in 2022 from its midtown offices.
J.P. Morgan Chase’s fintech hub is just next door at 5 Manhattan West, while Wells Fargo’s New York securities business and buyout firm KKR & Co. are also expected to move into the neighborhood in 2020.
“We routinely review potential options for upgrading our workspaces. As we consider plans to continue to upgrade our current office space, we are also in the very early stages of evaluating potential alternatives,” a representative at Morgan Stanley said in a statement. “We anticipate a lengthy timeline before any decisions are made.”
Morgan Stanley bought its current headquarters at 1585 Broadway for $176 million in 1993.
Developers in the Hudson Yards area have been seeking tenants to fill the many office buildings and apartments rising in the neighborhood.