BBVA Moves New York Headquarters to Eco-Friendly 2 Manhattan West By Investing.com

Spanish banking giant BBVA (BME:) announced plans to move its New York headquarters to new, environmentally friendly premises at 2 Manhattan West. The move, planned for the fourth quarter of 2024, will see the bank transfer its staff to a spacious two-storey lease spanning 74,000 square feet.

BBVA will move from its current premises managed by Fisher Brothers at Avenue of the Americas, where it occupies 42,000 square feet. The decision to relocate underscores BBVA’s commitment to growth in the U.S. market and its dedication to sustainability. Regina Gil Hernández highlighted the strategic importance of this relocation, stating that it supports BBVA’s expansion and sustainability goals.

Financial terms and length of the lease were not disclosed by Brookfield Properties. However, a report from CBRE indicates that the average asking price for office space in Midtown during the third quarter was $82.68 per square foot.

Brookfield’s internal team, including Duncan McCuaig, worked alongside BBVA representatives from CWK and JLL to negotiate the transaction. Building 2 Manhattan West is also the headquarters of law firms such as Crowell & Moring and Clifford Chance, reflecting its appeal to prestigious organizations.

Perspectives InvestingPro

As BBVA prepares to relocate its headquarters to New York, let’s take the time to review some key data and advice from InvestingPro. BBVA has performed strongly over the past year (InvestingPro Tip 12) and is trading near its 52-week high (InvestingPro Tip 13). This is supported by a market capitalization of USD 53.32 billion and a P/E ratio of 6.8. Additionally, BBVA saw revenue growth of 15.58% over the trailing twelve months as of Q3 2023.

In addition to these impressive numbers, BBVA has maintained its dividend payments for 33 consecutive years (InvestingPro Tip 11), which is a testament to its financial stability. The dividend yield in 2023 amounts to 3.05%.

InvestingPro offers additional advice and data for BBVA and other companies through its subscription, which is currently on a special Black Friday sale with up to 55% off. With over 18 tips available for BBVA alone, a subscription to InvestingPro Insights can provide valuable insight to those looking to invest in this leading player in the banking industry.

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