HSBC's hunt for alternative office space is over. The bank, whose lease for 650,000 sq.ft. of space in HSBC Center expires in 2013, had been considering relocating to the Webster Block at the foot of Main Street while also negotiating with current landlord Seneca One Realty LLC on a lease renewal. Seneca One had offered to build a tower addition on the plaza to keep the bank at the site. HSBC's employees make up a sizeable portion of downtown's private sector workforce.
Neil Brazil, HSBC North America's Vice President - Public Affairs, released the following statement:
"Following an extensive evaluation process of our real estate needs, HSBC has determined our facilities meet our current needs for the time being, and we do not need alternative space. We appreciate the interest and support our employees have shown, as well as the engagement of state and local officials throughout the evaluation process."
The announcement comes two days after the bank discussed efforts to restructure its U.S. operations. HSBC is currently examining its North American branch network and continue to reduce its mortgage portfolio and shrink or sell its credit card operation.
HSBC employees occupy 2/3 of the 38-story building straddling Main Street. The 1.9 acre Webster Block is bound by Main, Perry, Scott and Washington streets, two blocks south of HSBC Center and directly in front of HSBC's Atrium office building.
Get out your tea leaves. And rosary beads.
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