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

TRD New York /
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.

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images)

It’s official: Facebook is taking 1.5M sf in Hudson Yards

461 West 34th Street with Marx Development Group's David Marx (Credit: Google Maps)

David Marx lands $202M refi for Hudson Yards hotel

Stephen Ross

Related, Equinox, the Miami Dolphins. What else does Stephen Ross own?

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there