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Barclays eyes office space at Hudson Yards

Barclays is interested in moving its U.S. headquarters from its current Times Square location to Hudson Yards. The London-based bank is seeking roughly 500,000 square feet of space, Bloomberg reported.

  • Worth Noting: Barclays is currently headquartered at the former Lehman Brothers building at 747 Seventh Avenue, which it acquired in a deal to buy part of the investment bank’s U.S. operations in 2008.
  • Be Smart: Stock market investors continue to be spooked by Manhattan centric Office REITs, as their shares trade near 52-week lows… A Bloomberg Analyst noted, “There is clear demonstrated demand for office space in the city. I think this Barclays news provides another data point that fears of the demise of Manhattan office buildings may be overblown.”
  • Abysmal year-to-date performance offers opportunity: Empire State Realty Trust (ESRT) is down 57%; SL Green (SLG) is down 50%; Vornado (VNO) is down 49%; and Paramount Group (PGRE) is down 48%. [Bloomberg]

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