The Real Deal New York

International law firm to become 50 Hudson Yards’ second major tenant

Debevoise & Plimpton will take up about 450K sf
February 01, 2019 04:30PM

50 Hudson Yards and Debevoise presiding partner Michael W. Blair

Law firm Debevoise & Plimpton is close to signing a deal for 450,000 square feet at the 50 Hudson Yards.

The firm, currently headquartered at 919 Third Avenue in East Midtown, plans to make the move in 2022 when the skyscraper is complete, Crain’s reported.

Debevoise will be the second large tenant to commit to space at the tower, which is being developed by the Related Companies and Oxford Properties Group.

In 2017, the investment firm Blackrock signed a 20-year, 847,000-square-foot lease at 50 Hudson Yards, which is the largest office building at the Far West Side megaproject. The total value of Blackrock’s lease is pegged at $1.25 billion.

Debevoise did not immediately respond to a request for comment, while Related declined to comment.

The 2.9 million-square-foot tower is expected to be one of the city’s most expensive office projects ever, with a total price of nearly $4 billion. Japanese developer Mitsui Fudosan took a 90 percent stake in the project in 2017.

Although developers are projecting 50 Hudson Yards will be completed in 2022, union leaders have claimed that the project will take longer than that.

Elsewhere on the Far West Side, Brookfield recently decided to move ahead with its $2 billion development at 2 Manhattan West despite not having an anchor tenant. [Crain’s] — Kevin Sun