Wells Fargo to Buy NYC’s Neiman Marcus Space for $550 Million

Wells Fargo & Co. is buying the former Neiman Marcus space at Manhattan’s Hudson Yards for roughly $550 million and plans to convert it into offices, according to people with knowledge of the deal.

The transaction includes about 400,000 square feet (37,000 square meters) spanning floors five through seven at 20 Hudson Yards, according to the people, who asked not to be identified because the matter is private. The bank plans to occupy the space, the people said.

The sellers are the developers, Related Cos. and Oxford Properties Group, which still own the rest of the 11-story building, home to ...