Related to lease 3M square feet at Hudson Yards by year’s end

Jun.June 17, 2011 11:13 AM

Stephen Ross’ Related Companies is currently in talks with nine prospective tenants for its Hudson Yards development, each seeking more than one million square feet of space. In an interview with the New York Times, Ross said he’ll be able to announce signed deals for at least 3 million of the 4.5 million square feet being developed in the project’s first phase by the year’s end. As The Real Deal previously reported, Dean Shapiro, former executive managing director at CB Richard Ellis will be leading the in-house marketing. Though Related has not secured construction lenders yet, it does have a partner on the project, the Ontario employees pension plan, which is investing $475 million. Ross said it’s among the projects he’s most proud of because it essentially creates a new neighborhood. “I think every good developer, in the back of their minds, wants to transform and leave a legacy,” he said. “As a developer, it’s a great feeling knowing you have made an impact.” Outside of Hudson Yards, Related is also working on high-profile projects MiMA and Hunters Point South. MiMA, at 440 West 42nd Street, has rented about 40 percent of the 500 market-rate units at more than $75 per square foot, according to Ross, and the building’s condominium units will hit the market next month. Meanwhile, Related hopes to begin construction on its middle-income housing project in Hunters Point South sometime next year.

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