Barclays is the latest bank putting money where its mouth is to show bullishness on the Manhattan office market.
The company is preparing a massive overhaul of its regional headquarters at 745 Seventh Avenue in Times Square, Bloomberg reported. Construction is expected to begin in the middle of next year and wrap in 2030.
The project is in the design phase, but is expected to carry a price tag of at least $1 billion. Depending on the finalized designs, the redevelopment could grow even more expensive.
“Our new regional headquarters in New York is a bold investment we are making in the Americas,” Barclays executive Richard Haworth said in a memo to staff. Chief Executive Officer CS Venkatakrishnan added that the firm’s “presence in New York and the Americas is critical to the bank’s strategy as the investment bank delivers on its ambitions.”
Barclays plans to update its trading floors, as well as the technology used by the 12,000 staffers who work at the New York HQ, mostly in the investment bank division. The renovation will also bring various amenities online, though specifics weren’t disclosed.
Barclays assumed control of the 1-million-square-foot, 32-story office tower after taking over Lehman Brothers’ North American operations 17 years ago.
Banks are leading the charge of revamping Manhattan’s office environment. Citigroup completed what was then the largest private-sector single-occupant renovation in New York City’s history in Tribeca in 2020.
And employees recently began occupying JPMorgan Chase’s 1,400-foot-tall behemoth at 270 Park Avenue, which is expected to ultimately house more than 14,000 employees.
Banks aren’t only about owning their spaces, either. In the spring, PNC Bank agreed to lease 83,000 square feet at Sage Realty’s 437 Madison Avenue in Midtown East. Pittsburgh-based PNC is relocating and expanding from its current 65,000-square-foot location a few blocks south at Barings’ 340 Madison Avenue.— Holden Walter-Warner
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