The Real Deal New York

Tishman Speyer has all the air rights needed for Spiral after final deal

Developer spent $157 million on additional 670k square feet of buildable space
By Will Parker | October 02, 2017 03:15PM

Rob Speyer and and rendering of The Spiral (Credit Getty Images and Credit: BIG/Tishman Speyer)

As it continues putting together the pieces to make its $3.2 billion Spiral tower a reality, Tishman Speyer bought 669,000 square feet of development rights from the Hudson Yards Infrastructure Corporation and the Metropolitan Transportation Authority, records filed with the city Monday show.

The developer paid $157 million for the rights, or $235 a foot, that it will apply to its 65-story office development at 509 West 34th Street, with a total square footage of more than 2.2 million. The rights were transferred from lots around the Eastern Rail Yards.

The Rob Speyer-led firm has now spent $265 million to acquire more than 1.23 million square feet of air rights for the 1,005-foot-tall development, first picking up 235,000 square feet from the Imperatore family in 2015 and then grabbing more rights from the city and state last year.

When contacted a spokesperson for Tishman said that the deal was the last air rights acquisition needed to develop the tower.

The company filed construction plans for the Bjarke Ingels-designed tower a year ago.

In August, pharmaceutical giant Pfizer announced it would sign an 800,000-square-foot lease next year, making it the future building’s anchor tenant.