UPDATE 2-Wells Fargo to move securities arm to New York's West Side

Fri Dec 11, 2015 2:50pm EST
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(Adds move involves 1,500 people in paragraph 4)

Dec 11 (Reuters) - Wells Fargo & Co will move the New York headquarters of its investment banking and securities business to Hudson Yards, the mammoth project under construction on Manhattan's West Side, in 2020, developers of the site said on Friday.

Wells Fargo Securities will install two 75,000-square-feet trading floors, billed as among the largest and most advanced in the city, the project's developers, Related Companies and Canada's Oxford Properties Group, said in a statement.

Neither Related nor Wells Fargo disclosed the purchase price.

In addition to the trading floors, the company will occupy seven upper office floors with views of both the Hudson and East rivers. The deal covers about 500,000 square feet of space at 30 Hudson Yards, the biggest of four office buildings already under construction or planned for the site.

The move will consolidate about 1,500 people from the securities arm from four Manhattan sites, and will not include moving team members from other parts of the country, said Wells Fargo spokeswoman Elise Wilkinson.

The purchase of the nine floors commits all the office space at the flagship 2.6 million-square-foot tower, which also will house the new headquarters of Time Warner Inc and private equity firm KKR & Co LLP.

Plans for the 28-acre development include 17 million square feet of commercial and residential space, shops, restaurants, a public school and a luxury hotel. Related said Hudson Yards is the largest private real estate development in U.S. history.

Related and Oxford Properties also said they closed on more than $5 billion in financing for 30 Hudson Yards and an adjacent building for restaurants and retail stores that will be anchored by Neiman Marcus. (Reporting by David Gaffen; Editing by James Dalgleish and Bill Trott)