Related Companies and Oxford Properties Group complete full $2.45 billion capitalization of 70 Hudson Yards

Related Companies and Oxford Properties Group (“Oxford”) today announced the full capitalization of 70 Hudson Yards, with $2.45 billion in financing closed including a $1.6 billion construction loan fully underwritten, structured and led by Wells Fargo, Bank of America, and Standard Chartered, as well as equity from institutional investors. Once complete, the 1.4M SF commercial office tower will serve as the new US headquarters for Deloitte*, representing the next evolution of commercial office at Hudson Yards. 70 Hudson Yards is already under construction with foundations nearing completion and vertical construction commencing in early 2026.

Designed by Gensler and Roger Ferris + Partners, with lobby interiors by acclaimed luxury hospitality designer INC, the 72-story building located on Hudson Boulevard and 35th Street features unmatched design, expansive floorplates, indoor/outdoor workspace and luxury hospitality-style amenities. In 2025, Deloitte signed a lease for over 800,000 square feet of space at 70 Hudson Yards, representing the largest tenant relocation in New York City since 2020. Leasing for the uppermost levels of the tower, 550,000 square feet of dedicated space with private outdoor terraces, a separate lobby experience, and an entire floor of exclusive club amenities, will commence in 2026.

“New York City is extraordinary in its ability to attract the world’s top talent and, as a result, we are experiencing equally extraordinary demand for Class-A office,” said Jeff T. Blau, CEO of Related Companies. “When industry leaders like Deloitte want to relocate, we are thrilled they look to the dynamic environment and neighborhood we have built here at Hudson Yards. We could not think of a better anchor tenant for 70 Hudson Yards than Deloitte, and we look forward to delivering an exceptional headquarters for their team to grow, thrive and serve their global clients.”

“This marks an exciting next step for Oxford and our partner, Related, as Hudson Yards continues to reshape Manhattan’s West Side and strengthen New York City’s position as a global business hub,” said Dean Shapiro, Global Head of Development at Oxford Properties Group. “Securing full equity and the largest construction loan in New York since 2020, on attractive terms, demonstrates the growing global demand from sophisticated investors and lenders of capital into first class office product like 70 Hudson Yards. The demand on the capital side of the premium office market is beginning to catch up with the ongoing demand from occupiers for best-in-class office space. Our decision to commence construction on 70 Hudson Yards prior to executing a pre-lease speaks to our conviction in this project and will allow the building to enjoy a first mover advantage as the first major Manhattan ground-up office development to be launched since 2020.”

“Bringing our Deloitte US headquarters to Hudson Yards is an important step in how we’re investing in the future of our organization and our people,” said Jon Raphael, Managing Partner, Business Services and Performance, Deloitte. “This new, unified workspace will reflect our long-standing commitment to New York and to creating an environment that supports collaboration, innovation, and connection for our professionals, our clients, and the broader community.”

The LEED Platinum-designed building will be New York’s first all-electric, carbon-neutral office building and set a new standard for efficiency, advanced infrastructure, and sustainable technology. The façade of 70 Hudson Yars features refined warm copper articulated metal piers with a dramatic entry framed in a warm palette of sandstone and limestone. The building’s interiors include expansive, hyper-efficient floorplates, large outdoor terraces and uninterrupted views of the Hudson River and City skyline, as well as an amenity floor with a private dining room and event space for 200+ guests. The ground floor features street-level retail and restaurant space, with direct access to Bella Abzug Park and the 7 train.

Deloitte professionals and visitors will be welcomed into a dedicated lobby on Hudson Boulevard. Tenants at the top of the tower will have their own entry on 35th Street. Related and Oxford broke ground on the building in July 2025 and move-ins are anticipated in late 2028.

Deloitte and other tenants will be in close proximity to Hudson Yard’s unparalleled array of neighborhood amenities including destination shopping and dining, the first Equinox Hotel and Spa, flagship Equinox Club, as well as access to concierge medical care at The Health Center at Hudson Yards, priority enrollment at Vivvi Early Learning, and dynamic year-round neighborhood public programming and events.

For a high-res version of the 70 Hudson Yards rendering, please visit here.

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About Hudson Yards:
Hudson Yards is the newest neighborhood on Manhattan's West Side developed by Related Companies and Oxford Properties Group. A template for the future of cities, Hudson Yards is Manhattan's first LEED Gold Certified Neighborhood; home to leading retail brands in every category from luxury to fast fashion, and first-ever stores from popular online retailers; restaurants and food experiences by world-renowned chefs and restaurateurs; dynamic cultural institutions and attractions including Edge, Vessel and The Shed; modern residences offering unparalleled amenities; more than five acres of public plazas, gardens, and groves; the world's first Equinox Hotel; state-of-the-art commercial office space for industry leaders including KKR, Tapestry, BlackRock and more; and eventually a new 750-seat public school. For more information on Hudson Yards, please visit HudsonYardsNewYork.com.

About Related Companies:
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 50 years ago, Related is one of the largest private owners and preservationists of affordable housing in the U.S. and a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisition, management, finance, marketing, and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, Texas, Washington, D.C., and London and boasts a team of approximately 4,000 professionals. The company’s portfolio of over $70 billion in assets owned or under development includes the 28-acre Hudson Yards neighborhood on Manhattan’s West Side, Deutsche Bank Center at Columbus Circle and The 78 in Chicago. Related was 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 ("Oxford") is a leading global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately C$84 billion of assets across four continents on behalf of their investment partners. Oxford's owned portfolio encompasses logistics, office, retail, multifamily residential, life sciences, credit and hotels in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world's most active developers with 30 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees. For more information on Oxford, visit www.oxfordproperties.com.

*Please see www.deloitte.com/us/about for a detailed description of their legal structure.