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New York

Tishman Speyer’s Spiral hits 75% leased

Three new deals at one-year-old Hudson Yards tower total 112K sf

Tishman Speyer CEO Rob Speyer and 509 West 34th Street (Getty, Tishman Speyer, The Real Deal)
Tishman Speyer CEO Rob Speyer and 509 West 34th Street (Getty, Tishman Speyer, The Real Deal)

Tishman Speyer bagged another three tenants for its year-old office tower in Hudson Yards.

The three financial firms combined to take 112,000 square feet at the Spiral, the New York Post reported. Leading the way was global asset manager Marshall Wace, which leased 79,000 square feet in the move to 66 Hudson Boulevard from Vornado Realty Trust’s 350 Park Avenue.

That deal is followed by an unnamed company, which grabbed 24,000 square feet of its own. ProShares, an electronically traded funds manager, took 9,000 square feet for its first lease in the city. 

The three leases at the 66-story, 2.8 million-square-foot office tower bring it up to 75 percent leased. Asking rents for the new leases are unclear, but they typically range between $125 and $225 per square foot at the year-old property.

Tishman Speyer’s Greg Conen and Sam Brodsky represented the developer in-house.

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There has been a steady drumbeat of leasing activity at the Spiral, reflecting the desire of tenants to still occupy modern, high-end and energy efficient properties. Last year, HSBC signed a lease for 265,000 square feet, space it is expected to begin occupying at the start of 2024.

The 1,041-foot-tall Spiral was designed by BIG-Bjarke Ingels Group and takes up an entire block from West 34th to West 35th streets, between 10th Avenue and Bella Abzug Park.

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Pfizer is the anchor tenant, leasing 746,000 square feet for its global headquarters. Turner Construction leased 75,000 square feet for its own world headquarters. Other significant tenants include law firm Debevoise & Plimpton (530,000 square feet) and asset management company AllianceBernstein (200,000 square feet).

The Manhattan office market continues to struggle in a post-pandemic world. In the second quarter, office availability reached a record-high 70.3 million square feet, according to a report from Savills. The 19.7 percent vacancy rate was the highest since the onset of the pandemic.

— Holden Walter-Warner

Tags
Hudson YardsOffice LeasingTishman Speyer