Related Companies, Oxford Properties Group and Mitsui
Fudosan America, the U.S. subsidiary of Japans largest
public real estate company, have closed on the $3.8 billion in
capital needed to develop 50 Hudson Yards, which will be the
new west side headquarters for $5.7 trillion-in-assets
BlackRock. The tower is expected to be completed in 2022. Work
on the site, including the demolition of the last drive-thru
McDonalds in Manhattan, has begun and construction will
begin this fall.
In a statement, Jeff Blau, ceo of Related, said, This
transaction represents the final piece of financing for the
entire eastern rail yards, which now totals over $18 billion in
capital from marquee investment partners. Related and
Oxford broke ground in 2012 on Hudson Yards, which is being
built over the working rail yards on the west side of Manhattan
between 30th Street and 34th Street. The first building, 10
Hudson Yards, opened last year. Boston Consulting Group, Coach,
LOreal, SAP, and credit manager CBAM Partners are among
the businesses that re-located to 10 Hudson Yards.
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Fifty Hudson Yards, anchored by BlackRock but which will
include other tenants, will be Manhattans fourth largest
commercial office tower with 2.9 million square feet, 58
stories and a direct connection to the newly built No. 7
subway. U.K. architectural firm Foster + Partners will design
the building, Hudson Yardss flagship property.
Related, Mitsui and Oxford, the real estate arm of OMERS,
the pension plan for Ontarios municipal employees, also
partnered on 55 Hudson Yards, which will open next year and
house law firm Milbank, Tweed, Hadley & McCloy, Steve
Cohens Point72 Asset Management, Dan Loebs Third
Point hedge fund, and private equity firm Silver Lake, among
others. Every commercial property at Hudson Yards, except
Number 50 and a commercial building that will be constructed in
the western rail yards, are 100 percent leased.
With BlackRock, Related and Oxford have leased 6.4 million
square feet in Hudson Yards.