Related Companies signed a flurry of leases at Hudson Yards, lightening the dour mood in the Manhattan office sector.
Stephen Ross’ firm signed office tenants to three separate deals totaling 77,000 square feet at 50 and 55 Hudson Yards, the New York Post reported. Asking rents and lease durations were not disclosed.
The largest of the leases belongs to financial planner J.F. Lehman & Company, which took 29,000 square feet at 55 Hudson Yards. The firm is replacing Vista after the investment firm moved into bigger digs next door, leasing 95,000 square feet.
International law firm Milbank already occupied nearly 300,000 square feet at 55 Hudson Yards. The company tacked on another 28,000 square feet, bringing its total footprint at the property to 315,000 square feet. The Related building is now fully leased.
Meanwhile, Liberty Mutual took 20,000 square feet at 50 Hudson Yards, joining a tenant roster that includes Point72 Asset Management.
The project at 50 Hudson Yards is one of the most expensive office developments ever in New York City. In the fall, Wells Fargo provided a $348.8 million rehab construction loan to the owners — which includes Oxford Properties Group — as additional construction debt for the $4 billion project, where tenants include BlackRock and Truist Financial.
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Related was dealt a setback in November, though, becoming a casualty of Meta’s plan to shed office space. The parent company of Facebook declined lease renewals at both 30 and 55 Hudson Yards, which will put 250,000 square feet back on the market. Meta’s leases run through next year.
Most of Related’s Hudson Yards space is in 50 Hudson Yards. Mark Zuckerberg’s company backed off plans to expand its presence at the tower last year.
— Holden Walter-Warner