TRD Insights: This is what office tenants are paying to lease up 55 Hudson Yards

Just a few months before apparently souring on the concept of physical office space, Facebook was the latest high profile office tenant to sign on for Related’s Hudson Yards megadevelopment, taking up a total of 1.5 million square feet at 30, 50 and 55 Hudson Yards.

Months later, in the early days of coronavirus’ rapid spread in New York City, one of Facebook’s new neighbors at 55 Hudson Yards — Steve Cohen’s Point72 Asset Management — revealed that an employee had contracted the disease, sparking concern among other tenants.

Documents associated with last year’s $1.2 billion CMBS financing of 55 Hudson Yards — which is 90-percent owned by Japan’s Mitsui Fudosan — provide a detailed look at the 51-story office tower’s rent roll. They also reveal information not often readily available for other office properties, or other parts of Hudson Yards’ complex financing.

The bulk of the new financing was first included in an $810.5 million single-asset CMBS deal last November, while remaining pieces have been packaged into a number of other deals, the most recent of which was the $617.9 million BANK 2020-BNK27.

“The majority of tenants have their employees working remotely, while the building remains open with only security and essential staff on site,” a Kroll report on the latest CMBS deal says of the property. The vast majority of tenants have paid their rent in full.

Here’s a rundown of the top 10 tenants at the property:

Top 10 Tenants at 55 Hudson Yards