Sotheby’s CEO made a strong statement this morning suggesting that the company is planning to move its New York and London headquarters. Does that mean the Hudson Yards concept is back on the table?
Tad Smith’s emphasis on having space that “must be designed for our 21st Century workforce” would suggest a new development. But if not Hudson Yards, it sounds like the company is working aggressively to move and making it a priority.
Our real estate decisions in New York and in London depend crucially on our growth strategy. Our facilities must reflect our enhanced brand standards and the type of client experience we insist upon conveying. They must be elegant and welcoming, and exude superb quality in every aspect of the client experience.
Further, our facilities must be designed for our 21st century workforce. And, naturally, our real estate must be financed in a way that is prudent for our shareholders. Properly conceived, our real estate should be a cornerstone of our strategy just as it was when our esteemed former chairman Alfred Taubman set in motion the real estate position we have to this day. Real estate decisions — separate and apart from mortgage decisions — very much remain on the table and will be part of our strategic thinking.