Tishman Speyer plans 1.3M sf office tower across from Javits Center

Company has more than 4M sf under development in Hudson Yards

Mar.March 09, 2016 02:40 PM

Tishman Speyer completed the assemblage of its second development site in Hudson Yards, where the company plans to build a 1.3-million-square-foot office tower across from the Jacob Javits Center.

The developer announced Wednesday that it had acquired a small property with a footprint of roughly 7,400 square feet at 550 West 37th Street for an undisclosed price. Property records show the seller to be the Chiaia family of Clifton, New Jersey, who could not be reached for comment.

Tishman said it closed on the purchase this month along with the acquisition of a property at 434-444 Eleventh Avenue from the Imperatore family, previously reported to be about $185 million.

The company plans to build a 1.3-million-square-foot office tower with retail on the site between 37th and 38th streets along Eleventh Avenue.

It’s the second tower Tishman has planned for the Hudson Yards neighborhood. The company last month revealed plans for its Bjarke Ingels-designed, 2.85-million-square-foot tower at 34th Street and 10th Avenue, dubbed “The Spiral.” The firm received a 25-year tax abatement worth $170 million for that project, and is also seeking financing by pre-leasing about 30 percent of the tower.

CEO Rob Speyer said in prepared remarks that Tishman Speyer’s plans to develop more than 4 million square feet of commercial space in the neighborhood affirms the company’s belief that “Manhattan’s far west side is well on its way to becoming the world’s most modern, dynamic and sustainable urban neighborhood.”

In its November issue, The Real Deal looked at which tenants signed and how much space remained available at The Related Companies’ Hudson Yards site.

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

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

Facebook close to finalizing Hudson Yards office deal: report

(Credit: iStock)

EB-5 is back in the doghouse

Georgetown president and CEO Adam Flatto and an aerial of 260 12th Avenue (Credit: Patrick McMullan/Patrick McMullan via Getty Images; Google Maps)

Georgetown plans 1.1M sf Hudson Yards office building

Empire State Realty Trust’s CEO Tony Malkin and Hudson Yards' The Edge (Credit: Getty Images)

Tony Malkin throws shade at Hudson Yards’ new observatory

Steve Ross, Eliot Spitzer and a rendering of 451 10th Avenue (Credit: Getty Images) 

Spitzer, Related land $276M in financing for Hudson Yards senior housing project

The Wheeler at 181 Livingston Street with Tishman Speyer's Rob Speyer (Credit: The Wheeler, Getty Images)

For-profit Whittle School inks lease for Tishman Speyer’s The Wheeler