Related searches for Hudson Yards tenant

New York /
Jan.January 17, 2011 11:11 AM

Three years after the Related Cos. began developing its 26-acre Hudson Yards project, the company is now trying to find a tenant willing to commit to occupying at least 600,000 square feet of office space, Crain’s reported. To land its key tenant, Related is offering either to construct a building and sell it to that company or to provide a big break on the rent. The 12 million-square-foot space, bordered by the High Line and the Hudson River, will run from 10th to 12th avenues and from West 30th to 33rd streets. The $15 billion Hudson Yards project is expected to take as long as 15 years to complete, and will include three office buildings, nine residential towers with a total of 5,000 apartments, a mall, a school, a cultural center and 12 acres of open space. The nearby Meatpacking District has recently seen an influx of new retailers due to the success of the High Line. However, experts say it may be difficult for Related to draw tenants, since projects of this scale have a history of taking longer than expected, and companies seeking space will consider other options, including two towers rising at Ground Zero. “Hudson Yards is not yet built, and it’s in an untested area, so you are going to need a real maverick to go there,” said Richard Brown, co-chair of Herrick Feinstein’s commercial leasing practice group. “A lot of companies don’t like to be first.” Still, Hudson Yards has attracted some interest, and sources say Related is negotiating with Coach. [Crain’s]


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