The Real Deal New York

Related to take 270K sf for itself at Hudson Yards

Developer will occupy six floors near the top of north tower

October 16, 2015 03:31PM
By Rich Bockmann

Stephen Ross (credit: Studio Scrivo)

Stephen Ross (credit: Studio Scrivo)

The Related Companies has lined up a tenant that will take nearly 300,000 square feet in its northern Hudson Yards tower when the 90-story building is finished in 2019: the Related Companies.

The developer is carving out an office condo for itself spanning six floors near the top of 30 Hudson Yards for a total of roughly 270,000 square feet, a source with knowledge of the firm’s plans told The Real Deal.

Related is developing a total of four office buildings in the first phase of Hudson Yards.

Though the company plans to hold the two office buildings it is developing on 34th Street north of the capped rail yard, it will likely sell off the 4.3 million square feet between Nos. 10 and 30 Hudson Yards to tenants as office condos.

The south tower is nearly full with Coach, VaynerMedia, L’Oreal and SAP taking almost 1.4 million square feet. It topped out at 52 stories two weeks ago and is scheduled to open in March 2016.

In the northern tower, Related will join TimeWarner and its affiliates, which will be buying a 1.6-million-square-foot office condo. Oxford Properties Group, Related’s development partner, will also take a full-floor in the building covering 45,000 square feet.

Related plans to relocate its current headquarters from the Time Warner Center. Company chairman Stephen Ross previously told TRD that on same days, he never leaves the Columbus Circle building.

“When the weather’s bad, I’ve gone for two or three days without going outside. I eat at the restaurants and go to Dizzy’s [the nightclub at Jazz at Lincoln Center],” he said.

The megaproject at Hudson Yards has kept Ross’ company very busy.

Earlier this month, the Related acquired a property holding a McDonald’s at the corner of West 34th Street and 10th Avenue. In the last few months, it’s also picked up about $1 billion in financing for the construction of residential towers.