The Real Deal New York

Extell launches “One Hudson Yards” office tower

May 29, 2012 09:00AM

Though Hudson Yards development is typically associated with the Related Companies, it’s Gary Barnett’s Extell Development that is moving forward on a building dubbed “One Hudson Yards.” The New York Post reported that Extell has taken the first step towards developing its long-planned 56-story, 1.7 million-square-foot Office Tower On 11th Avenue between West 33rd and West 34th streets by commissioning Jones Lang LaSalle to find tenants for the building.

However, Barnett said the firm wouldn’t begin construction on the Kohn Pederson Fox-designed tower until the tower was half-leased at $50 to $100 per foot.

“We believe we have the best location in the area, on terra firma,” Barnett said, as opposed to above a rail yard like Related Companies and Brookfield Office Properties’ planned developments in the area. “We’re right at the new No. 7 line subway station, at the foot of a new park and across from the Javits Convention Center,” he said.

Barnett had owned the site years but only pursued development when the subway extension was announced. He first announced plans for it in 2007 with then-partner Israel Green and named it the World Product Center. Related Chairman Stephen Ross called the tower’s new name deceptive to the public and to tenants. [Post, 1st item]