Morgan Stanley’s Yard yarn
Morgan Stanley may be leaning toward Hudson Yards for its new headquarters in order to meet its vast space needs, according to sources.
The bank issued a request for proposal for 1.9 million square feet, said one source, a size that essentially limits the company’s choices to new construction and the far West Side development.
Currently, the company occupies 1.335 million square feet at 1585 Broadway, and the 564,900 square feet at 522 Fifth Ave.
Morgan Stanley is under no pressure to move as it owns both buildings, however. Staying and renovating its New York headquarters is an option also actively under consideration, according to a second source with knowledge of the bank’s thinking.
The bank, which declined to comment for this story, has ruled out a move to downtown Manhattan, the second source said.
KKR, BlackRock , Time Warner and others are leaving Midtown for Hudson Yards, whose projects are driven by demographics and office design as companies aim to capture an urban workforce, said Jesse Keenan, a professor at Harvard University’s Graduate School of Design.
One potential option is a 65-story tower with 2.85 million square feet and open-air terraces designed by Danish architect Bjarke Ingels whose plans were announced by developer Tishman Speyer early last year, the second source said.
Another possibility is Brookfield Property Partners’ Manhattan West project, both sources said.
Brookfield and Tishman declined to comment.