HSBC reimagines its New York headquarters

Tishman Speyer: Developer of The Spiral in Hudson Yards.

Since its founding in 1865, HSBC has come to be known for its adaptability, progressive approach, embrace of innovation and aspiration to help create a better world for its customers and employees. All of those qualities were evident in the bank’s decision to relocate its U.S. headquarters.

HSBC had spent the past three decades in a Midtown Manhattan high-rise that was built in 1985. The bank considered renovating that space, but after identifying and prioritizing their goals for the refresh, they opted to relocate instead. Moving into a new space would eliminate the disruption and complexity of renovating an active office and make it easier to achieve the employee wellbeing, sustainability and cost reduction objectives underlying the change.

For their new U.S. headquarters, HSBC wanted to create a destination designed for their employees’ needs, replicating the amenities, ease of access and dynamism of their current location, but with a greater focus on wellbeing. The bank also wanted their new home to foster engagement and collaboration through the human experience and digital technology, while providing transactional value and supporting ongoing cost management. Finally, in keeping with HSBC’s ambitious Net Zero Transition Plan, the new workspace would also have to be in an energy-efficient building.

Finding a new location that met all of these needs required a holistic approach and a multi-disciplined team. Traditionally, the client would be responsible for managing the project and vendors and delivering a strategic vision across all project phases. But for this engagement, HSBC asked JLL to provide executive project oversight and integrated delivery services to bring a higher level of service to the bank’s executive and corporate real estate teams.

In addition, JLL’s dedicated project executive services team was deeply embedded with the client across all phases of the project to ensure the strategic vision and project goals were achieved. JLL also met with all of the client’s functional business teams and provided a link from strategic discussion through project execution.

HSBC employees were surveyed to gauge how they felt about their current office and engaged them in visioning sessions to brainstorm how their ideal workplace would look and function. A dedicated ‘Test and Learn’ space was created to gather feedback on employee preferences for elements like lighting, furniture and music. Capturing these small but important details saved HSBC time and money, allowing them to invest in the right designs and make the new space feel more inclusive and customized.

After working with JLL’s location analytics team, HSBC decided to relocate to The Spiral, a newly constructed 66-story office building in Manhattan’s Hudson Yards. The building’s distinctive features, including outdoor terraces on each floor, open floor plates and ample natural light, enhance the workplace experience while strengthening employee collaboration, creativity and wellbeing. Employees can access the building directly from a major subway line, and the surrounding neighborhood is dotted with hundreds of shops and restaurants.

A below-market lease was secured for the Hudson Yards space, with a rent concession package of 36 months. Additionally, the green provisions of the lease achieved platinum recognition as Green Lease Leaders for Sustainability, and the U.S. Department of Energy recognized the acquisition for negotiating and incorporating green clauses into the lease.

The ambition to better accommodate different ways of working, leverage the power of workplace technology and support sustainability initiatives precipitated what would become HSBC’s largest U.S. relocation to date.

HSBC inaugurated its new U.S. headquarters in May 2024 with a grand opening attended by New York Mayor Eric Adams, Former Mayor Michael Bloomberg and other distinguished guests. The event was the public’s first look at an office that reflects the culture, values and character that have fostered HSBC’s growth over the past 160 years. Also on display were the progressive approach and embrace of innovation that will help the bank, its customers and its employees thrive over the next 160 years and beyond.

Is your office lease expiring soon? Contact us for expert advice to help you find or create your ideal workspace.