Coach ups Hudson Yards commitment by 25%
Luxury retailer coach has expanded its presence at Hudson Yards, the New York Post reported, and agreed to purchase an additional 150,000 square feet on top of the 600,000 for which it already signed. Under the terms of its agreement with developer Related Companies, which is down to “paper details,” Coach can add another 100,000 feet to bring its total to 850,000, or one-half of the forthcoming 46-story building’s 1.7 million square feet.
Construction on the $1 billion Kohn Pederson Fox-designed tower at 10th Avenue and West 30th Street is expected to begin in October, one month after Related closes on its $1 billion, 99-year ground lease with MTA for the rail yards and the same month Coach’s office space purchase officially closes. Terms of the deal have yet to be disclosed.
Related is said to be considering building the tower from reinforced concrete, not steel.
CBRE NY Region Chairman Bob Alexander, who is the leasing agent for the tower with colleague Rob Stillman, said its rents would be competitive with existing Class A Midtown buildings — but less than $100 per foot — for tenants who, unlike Coach, choose to lease, rather than buy. [Post]