Deal represents largest new office lease in Manhattan and significant commitment to New York City
Hudson Yards today announced it has completed a lease with Facebook for over 1.5 million square feet of office space across 30 floors and three buildings at Hudson Yards. The lease deal includes approximately 1,200,000 square feet in 50 Hudson Yards, approximately 265,000 square feet in 30 Hudson Yards and approximately 57,000 square feet in 55 Hudson Yards. 30 Hudson Yards was developed by Related Companies and Oxford Properties Group. 50 and 55 Hudson Yards were developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group. Cushman & Wakefield represented Facebook in the transaction and Related handled the negotiations in-house.
John Tenanes, VP of global facilities and real estate for Facebook, said, "New York’s vibrant communities, strong business economy and diverse talent base first attracted us to the city in 2007. When considering the next phase of our growth in the city, it was important that our newest office space was situated in the heart of a vibrant community that offered access to arts, culture, media and commerce. Hudson Yards offered this and more, and we’re excited to expand our offices there starting in 2020."
Jeff T. Blau, CEO of Related Companies, said, “This is an extraordinary commitment to New York City and Hudson Yards. Hudson Yards continues to be a magnet for talent, attracting the greatest companies across every sector of the economy. We are thrilled to welcome Facebook and its employees to their new park-front offices where they will enjoy the convenience of a truly dynamic live-work-play environment.”
Dean Shapiro, head of U.S. Development for Oxford Properties Group, said, “Hudson Yards continues to cement its reputation as a destination of choice for employers looking to gain an edge in the war for talent. The array of world-class companies that have been attracted to the project will ensure we are building a vibrant new employment hub for New York. We are proud to be partnering with Facebook to create the workplace of the future for its employees: a place that provides world-class amenities across food, entertainment, retail, arts and culture right on its doorstep.”
30 Hudson Yards is fully committed, 55 Hudson Yards is 99 percent committed and 50 Hudson Yards, anchored by BlackRock, is now 75% leased two and half years prior to occupancy. Over eight million square feet has been leased or sold at Hudson Yards, bringing the overall leasing commitments to 91 percent of the development.
10 Hudson Yards is home to Guardian Life Insurance Co., L’Oréal USA, Tapestry Inc., The Boston Consulting Group, SAP, VaynerMedia, Intersection and Sidewalk Labs. 55 Hudson Yards is home to Boies, Schiller & Flexner, Engineers Gate, HealthCor Management, Milbank LLP, Point72 Asset Management, Silver Lake, Third Point LLC, MarketAxess and Mount Sinai Health System. 30 Hudson Yards is home to Kohlberg, Kravis & Roberts (KKR), WarnerMedia, Related Companies, Wells Fargo Securities and DNB. 35 Hudson Yards is home to Equinox’s headquarters, Equinox Hotel and Hospital for Special Surgery.
50 Hudson Yards will be home to BlackRock’s world headquarters. The LEED Gold-designed, 78-story building will stand at the northwest corner of 33rd Street and 10th Avenue. With a direct connection to the #7 subway concourse below and multiple entrances, 50 Hudson Yards will offer both convenient arrival points for employees and an opportunity for each tenant to create a distinct identity. The building features private sky lobbies, outdoor terraces and valet parking and drop-off in a private porte-cochère.
Hudson Yards is a new neighborhood on Manhattan’s West Side and home to more than 100 shops and restaurants, including New York City’s first Neiman Marcus, an array of experiential and online retailers and a collection of leading brands in every category from luxury to fast fashion. The neighborhood features restaurants and food experiences by chefs and restaurateurs Thomas Keller, José Andrés, David Chang, Michael Lomonaco, Costas Spiliadis, Stephen Starr, rhubarb and chef Peter Jin, D&D London and more; dynamic cultural institutions; 4,000 state-of-the-art modern residences; more than five acres of public plazas, gardens and groves; and eventually a new 750-seat public school—all offering unparalleled amenities for residents, employees and guests. For more information on Hudson Yards, please visit www.HudsonYardsNewYork.com.
Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed over 45 years ago, Related is the largest private owner of affordable housing and a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. Related was recently named to Fast Company Magazine’s list of the 50 Most Innovative Companies in the World. For more information about Related, please visit www.related.com.
About Oxford Properties Group:
Oxford Properties Group connects people to exceptional places, and is the owner, developer and manager of some of the world’s best real estate assets. Established in 1960, it manages approximately $60 billion of assets across the globe on behalf of its co-owners and investment partners. Oxford’s portfolio encompasses office, retail, industrial, hotels and multifamily residential and spans more than 100 million square feet in global gateway cities across four continents. A highly disciplined and thematic investor, Oxford invests in properties, portfolios, development sites, debt, securities and platform opportunities across the risk-reward spectrum. With its global headquarters in Toronto, Oxford operates out of over 15 offices including New York, London, Luxembourg, Singapore and Sydney. Its long-term approach to real estate investment aligns Oxford’s interests to its customers and the communities in which it operates. Oxford is the global real estate arm of OMERS, the AAA credit rated defined benefit pension plan for Ontario’s municipal employees. For more information on Oxford, visit www.oxfordproperties.com.