The so-called “flight to quality” is more accurately a stampede, as another defection from a traditional Midtown corridor to the far West Side demonstrates.
The latest to leave a mid-20th Century office tower for a brand-new, highly amenitized one is Spanish financial services firm BBVA. The bank signed for 74,000 square feet at Brookfield’s Two Manhattan West and will leave behind 42,000 square feet at Fisher Brothers’ 1345 Sixth Ave. — even though that building was thoroughly modernized over the past few years.
Regina Gil, head of BBVA corporate and investment banking in the US, called its new home “a prime building in a very attractive location, which will provide the best possible experience to our team in New York. This is one more step in our growth plans in the US as well as in our commitment to sustainability by choosing a building powered by renewable energy.”
Two Manhattan West draws all of its electricity needs from run-of-river hydropower facilities upstate.
The 58-story tower will opens its doors in the first quarter of 2024. Its 1.9 million square feet are already more than 80% leased. Tenants include KPMG and law firms Cravath, Swaine & Moore and Clifford Chance.
Sister tower One Manhattan West, which was completed first, is 99% leased.