The Real Deal New York

Tishman Speyer plans 1.3M sf office tower across from Javits Center

Company has more than 4M sf under development in Hudson Yards

March 09, 2016 02:40PM
By Rich Bockmann

Rob Speyer with Tishman Speyer's development site across from the Jacob Javits Center

Rob Speyer with Tishman Speyer’s development site across from the Jacob Javits Center

Tishman Speyer completed the assemblage of its second development site in Hudson Yards, where the company plans to build a 1.3-million-square-foot office tower across from the Jacob Javits Center.

The developer announced Wednesday that it had acquired a small property with a footprint of roughly 7,400 square feet at 550 West 37th Street for an undisclosed price. Property records show the seller to be the Chiaia family of Clifton, New Jersey, who could not be reached for comment.

Tishman said it closed on the purchase this month along with the acquisition of a property at 434-444 Eleventh Avenue from the Imperatore family, previously reported to be about $185 million.

The company plans to build a 1.3-million-square-foot office tower with retail on the site between 37th and 38th streets along Eleventh Avenue.

It’s the second tower Tishman has planned for the Hudson Yards neighborhood. The company last month revealed plans for its Bjarke Ingels-designed, 2.85-million-square-foot tower at 34th Street and 10th Avenue, dubbed “The Spiral.” The firm received a 25-year tax abatement worth $170 million for that project, and is also seeking financing by pre-leasing about 30 percent of the tower.

CEO Rob Speyer said in prepared remarks that Tishman Speyer’s plans to develop more than 4 million square feet of commercial space in the neighborhood affirms the company’s belief that “Manhattan’s far west side is well on its way to becoming the world’s most modern, dynamic and sustainable urban neighborhood.”

In its November issue, The Real Deal looked at which tenants signed and how much space remained available at The Related Companies’ Hudson Yards site.

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