Mitsui Fudosan broke ground today on its $1.4 billion office tower slated for 55 Hudson Yards, part of the 28-acre megaproject on Manhattan’s West Side. Tenants are expected to begin moving in by 2017, though no leases have been signed for the 51-story, 1.3 million-square-foot tower at 33rd Street and 11th Avenue. Mitsui Fudosan owns a 90 percent stake in the building. The Related Companies and Canadian pension investment firm Oxford Properties are the other owners.
The Japanese development firm paid around $259 million in December for its holding in the property, as The Real Deal reported. Kohn Pedersen Fox designed the structure.
JPMorgan Chase had eyed the 55 Hudson Yards site as well as another directly to the east as a future home for its headquarters. Negotiations on that deal broke down in the fall, as previously reported. — Mark Maurer