Is the Hudson Yards district the new Midtown East?

36% of the new area's tenants are relocating from that neighborhood: JLL

TRD New York /
Nov.November 29, 2016 11:00 AM
Rendering of 55 Hudson Yards (credit: Kohn Pederson Fox)

Rendering of 55 Hudson Yards (credit: Kohn Pederson Fox)

Midtown East is taking a big hit as companies continue to sign up for office space at the Hudson Yards district.

Based on percentage of square feet leased, 35.8 percent of tenants taking office space in Hudson Yards Are Coming From The Plaza District (33.7 percent) or the Grand Central District (2.1 percent), according to JLL TRData LogoTINY data cited by the New York Post. However, none of the companies moving to Hudson Yards is moving from west of Fifth Avenue, the New York Post reported.

Companies leaving Midtown East for Hudson Yards — the largest private real estate development in U.S. history — include electronic trading platform MarketAxess, which is taking 83,000 square feet at Related Companies’ 55 Hudson Yards. Steven Cohen’s asset management fund Point72 will also take 175,000 square feet at the building. Last year, Wells Fargo has committed to taking 500,000 square feet at Related and Oxford Properties Group’s 30 Hudson Yards. Law firm Skadden Arps is also leaving Midtown East, having signed on for 550,000 square feet at Brookfield Property Partners’ 1 Manhattan West.

When it comes to companies relocating to Hudson Yards from places other than Midtown East, 30 percent are coming from Columbus Circle, and just under 15 Percent Are Coming From Penn Plaza and the Garment District. Ten percent are moving from Times Square, 5 percent are leaving Downtown, and 4 percent are moving from Midtown South, according to the paper. [NYP]Miriam Hall


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

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

An aerial view One World Trade Center in Lower Manhattan (Credit: iStock)

On anniversary of 9/11, the World Trade Center office market is now helping propel Downtown

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

Clockwise from top left: 733 Third Avenue, 24-01 44th Road in Long Island City, 83 Maiden Lane, and 1745 Broadway (Credit: Google Maps)

These were NYC’s top office leases in August

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

Clockwise from left to right: 50 Hudson Yards, Farley Post Office redevelopment, 1 Madison Avenue, and Apple CEO Tim Cook (Credit: Hudson Yards, Skanska, Google Maps, and Getty Images)

Apple on the hunt for enormous Manhattan office space

From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

arrow_forward_ios