The Real Deal New York

Related’s 10 Hudson Yards to open March 2016

The 1.7M-square-foot office tower is 85 percent rented
October 08, 2015 09:01AM

UPDATE, 3:01 p.m., Oct. 8: The first skyscraper at Hudson Yards will open in just a few months, Related Companies’ CEO Jeff Blau announced at a ceremony celebrating the building’s topping off.

10 Hudson Yards, which reached its full 52-story height Wednesday, is also already mostly rented out, with Related obtaining commitments for 85 percent of the tower’s 1.7 million square feet, Bloomberg reported.

“This building is basically full,” said Blau. “Some of the tenants are not announced yet. But in a very short time you will hear some big announcements.”

Prominent tenants already announced include handbag maker Coach, which is taking 600,000 square feet of space; cosmetics giant L’Oreal USA, which lays claim to 400,000 square feet; and digital ad firm VaynerMedia, which will occupy 90,000 square feet.

Related and partner Oxford Properties Group are developing six towers totaling just under 13 million square feet at the 28-acre site. It’s believed to be the largest privately funded real estate project in U.S. history.

The project has also received big loans.

Related has collected $600 million from investors through the EB-5 program, as well as a $475 million construction loan originated by Starwood Property Group. Its residential tower at 15 Hudson Yards received an $850 million loan from a U.K. hedge fund.

Related earlier this week purchased the site of a McDonald’s on 34th Street and 10th Avenue for an undisclosed sum. [Bloomberg]Ariel Stulberg

Due to an editing error, a previous version of this article said a Fairway Markets would take 45,000 square feet at 10 Hudson Yards. In fact, the company and Related Cos agreed to terminate the deal. Restauranteur Danny Meyer has agreed to take the space instead.

In addition, the total square footage of Related’s six towers was given as 17 million square feet, which mistakenly included the office portion of the development. The six residential towers contain just under 13 million square feet.