The U.S. investment arm of Japanese development firm Mitsui Fudosan paid around $259 million earlier this month for a stake in Related’s next Far West Side office tower, 55 Hudson Yards, property records filed today show.
Mitsui Fudosan America paid $258.8 million to buy a stake in Related’s 1.3 million square-foot, Kohn Pederson Fox-designed tower at 11th Avenue between 33rd and 24th Streets. It was not clear, however, what percentage of the project Mitsui purchased. Related could not be immediate reached and Mitsui declined to comment.
Related also received $501 million in financing from the New York City Industrial Development Agency, and paid $90.5 million to buy roughly 398,000 square feet of air rights from above the Metropolitan Transportation Authority’s eastern rail yards.
JP Morgan Chase had eyed the 55 Hudson Yards site as well as another directly to the east as the possible future home for its headquarters, but negotiations broke down in the fall and now Related plans to break ground on the building early next year.