Related Companies and Oxford Properties Group today announced that L’Oréal USA, the largest subsidiary of L’Oréal, S.A., the world’s leading beauty company, and SAP (NYSE: SAP), the market leader in enterprise software applications, will join Coach, Inc. (NYSE: COH, SEHK: 6388), in the South Tower of Hudson Yards. Coach, Inc. has purchased 740,000 square feet for their global corporate headquarters, L’Oréal USA has leased an initial 402,000 square feet for their U.S. corporate headquarters, and SAP has leased 115,000 square feet on the very top four floors of the building. With these lease agreements, including expansion space, the South Tower is more than 80 percent committed and will kick off the 26-acre Hudson Yards development which will transform New York City’s skyline and create a vibrant new neighborhood.
The LEED Gold South Tower, designed by acclaimed global architects Kohn Pedersen Fox Associates (KPF), will stand 895 feet tall offering state-of-the-art commercial office and ground floor retail space. The building features panoramic views of the city and the Hudson River, with a total of 15,000 square feet of terrace space on three levels. Construction on the 1.7 million square foot South Tower – at the corner of 10th Avenue and the north side of 30th Street – began last year and the building is slated for occupancy in 2015. The South Tower promises to be one of the most unique buildings in the city due to its integration with the celebrated High Line which passes through the structure of the building and will directly connect to the public plaza.
"Today's announcement recognizes the capacity and skill of our workforce and is another example of companies choosing to stay, invest and grow in New York," said Governor Andrew M. Cuomo. "We welcome L’Oréal and SAP to their new home alongside Coach in Hudson Yards, and look forward to continuing to support them in creating new jobs for New Yorkers and new investments in New York."
Mayor Michael R. Bloomberg said, “The Hudson Yards area is well on its way to becoming a top-tier destination to live, work and visit. World-class office space like the towers Related and Oxford are building will help keep New York City competitive in the global economy, and these commitments from leading corporations L’Oréal USA, SAP and Coach represent an important vote of confidence in our city’s future.”
Frédéric Rozé, President and CEO, L’Oréal USA said, “The Hudson Yards development is at the core of a pioneering new neighborhood and L’Oréal USA is proud to be part of it. Relocating our corporate headquarters is an exceptional opportunity to provide our employees with a workplace for tomorrow and a headquarters that best represents our very creative and innovative company and our mission of beauty for all.”
L’Oréal USA is the largest subsidiary of the L’Oréal Group, the world’s leading beauty company. In addition to corporate headquarters in New York City, L’Oréal USA has Research and Innovation and Manufacturing and Distribution facilities across seven other states including Arkansas, Illinois, Kentucky, New Jersey, Ohio, Texas and Washington. The company’s portfolio of leading brands includes Lancôme, Giorgio Armani Beauty, Yves Saint Laurent Beauté, Viktor & Rolf, Diesel, Cacherel, L’Oréal Paris, Garnier, Vichy, La Roche-Posay, L’Oréal Professionnel, Kérastase, and Shu Uemura Art of Hair.
The US is the base for product development, international marketing and advertising of L’Oréal’s thirteen American brands: Maybelline New York, Soft Sheen-Carson, Kiehl’s Since 1851, Ralph Lauren Fragrances, essie, Redken 5th Avenue NYC, Matrix, Mizani, Pureology, SkinCeuticals, Dermablend, Clarisonic and Urban Decay.
SAP’s co-CEO, Bill McDermott said, “In establishing a single flagship New York location, our only goal was to find the city’s most innovative development. Hudson Yards showcases the soul and spirit of renewal that will inspire SAP employees, partners and customers to power a better run world and to improve people's lives. We are honored to join with the City of New York and the Related-Oxford team to fulfill the promise of this emerging neighborhood and landmark project.”
As market leader in enterprise application software, SAP helps companies of all sizes and industries run better. Founded in 1972, SAP has a rich history of innovation and growth as a true industry leader. Today, SAP has sales and development locations in more than 50 countries worldwide. SAP applications and services enable more than 232,000 customers worldwide to operate profitably, adapt continuously, and grow sustainably.
Related Companies Chairman Stephen M. Ross said, “The Hudson Yards office towers were designed for visionaries who demand a globally competitive work place and world-class amenities for their employees and we are thrilled that global beauty and software powerhouses L’Oréal and SAP, along with Coach, Inc., will be locating at Hudson Yards. With construction already underway, we look forward to continuing to implement our ambitious vision for the defining development of the 21st Century and the new heart of New York.”
Oxford Chief Executive Officer Blake Hutcheson said, “The strength of the brands moving their teams to the South Tower at Hudson Yards – from L’Oréal to SAP to Coach – is a testament to the momentum behind the development and this great period of growth in New York City. In 2015, the employees of these leading companies will move to this state-of-the-art office tower and experience every day one of the world’s greatest new projects within one of the world’s most dynamic new neighborhoods. We are excited for them and for all those associated with this compelling new vision.”
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc. said, "We are honored to be the cornerstone of New York's next great neighborhood. Since our founding more than 70 years ago, the city has been part of our culture and its spirit is core to all that we do. We're delighted to be staying in the community we have called home for so long. Our involvement in this project reflects our confidence in Coach, the revitalization of the Hudson Yards neighborhood and the unparalleled vibrancy of New York City. Our new headquarters will reflect many of Coach’s attributes, such as: innovation, collaboration and quality, allowing all of our business units to operate under one roof, reinforcing the cooperative way in which we work."
City Council Speaker Christine C. Quinn said, “The Hudson Yards development speaks volumes about the attractiveness of New York City, and the West Side of Manhattan in particular, to private investment. I’m thrilled that more leading companies in their respective fields, L’Oréal USA and SAP, have joined Coach, Inc. and will soon call the Hudson Yards their home and help bring thousands of jobs to this new neighborhood.”
Manhattan Borough President Scott M. Stringer said, “The addition of two more premier companies as corporate tenants is further proof that Hudson Yards will spur economic development and revitalize the far-West Side. I commend L’Oréal and SAP for their pioneering decision to join Coach and base operations out of the Hudson Yards development, a project that will bring jobs, affordable housing, as well as cultural, educational and open space to area residents.”
The development of the Hudson Yards is the largest private development ever undertaken in New York City and will create a new center of commerce, culture and community. Its construction is expected to create nearly 23,000 construction jobs, and once completed, 40,000 people will work in, or call Hudson Yards their home. The office towers of Hudson Yards will be models of resiliency and sustainability with on site co-gen power, multiple utility feeds and daylight harvesting.
Furthermore, the office floors will provide sweeping views with floor to ceiling glass, underfloor air and wire management, and enhanced stair and elevator capacity-- all designed to provide the flexible, team based workspace that is becoming the hallmark of forward thinking companies. Along with extensive retail, health club, entertainment and dining amenities, commercial tenants will enjoy cost-effective space and increased productivity. As the cultural heart and business center of Manhattan continues to move south and west, Hudson Yards offers global business leaders an opportunity to relocate in New York City’s new hub of creativity and innovation.
The 26-acre site will accommodate over 13 million square feet, including more than 6 million square feet of commercial space. Building on the successful retail and restaurant programming Related developed in The Shops at Columbus Circle, Hudson Yards will be home to 750,000 square feet of destination retail space with five floors dedicated to premier shops, cinemas, specialty restaurants, markets and bars. Danny Meyer’s Union Square Events is expected to program a number of the spaces at Hudson Yards featuring dynamic culinary and hospitality offerings such as private dining spaces for tenants, unique signature events, catered affairs and open-air cafés.
Approximately 5,000 residences, a new school, and luxury hotel will offer unparalleled amenities for residents, employees and visitors. The new Hudson Park & Boulevard – a sweeping 4-acre thoroughfare running north from West 33rd Street, The High Line, Hudson River Park and the public space to be created on the Hudson Yards site will create an incomparable network of parks and public plazas that weave throughout Manhattan’s West Side, connecting Chelsea, Hudson Yards and the Times Square neighborhood. Plans are also underway to include a dramatic new cultural facility designed by Diller Scofidio + Renfro and David Rockwell. This unique facility, dubbed Culture Shed, will welcome a range of activities spanning the worlds of art, design and performance. Hudson Yards is strategically located at the center of the region with unsurpassed connections to commuter rail, the subway system, the West Side Highway, the Lincoln Tunnel and even ferries along the Hudson River.
The extension of the No. 7 subway line to West 34th Street and 11th Avenue, scheduled to open in 2014, will connect to the heart of the Hudson Yards neighborhood and offer a short six minute subway ride to Grand Central Terminal. Penn Station, the nation’s busiest train station, is also just a short walk away. Founded 40 years ago, Related Companies is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, fund management, marketing and sales. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. With offices and major developments in Abu Dhabi, Boston, Chicago, Los Angeles, New York, San Francisco London and South Florida,
Related is well-known for having developed the 2.8 million square foot Time Warner Center in New York City and the 72-acre CityPlace in West Palm Beach as well as being a leader in green building. Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,400 employees and over $20 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, and the company's portfolio includes approximately 50 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of the OMERS Worldwide Group of Companies.
For more information on Hudson Yards, please visit www.hudsonyardsnewyork.com, or follow us on Twitter, Facebook and Pinterest. New renderings of the site and construction photos are also available. ###