Related Companies secures $1.5bn construction loan for New York office tower

WCN Editorial Team 7 Sep 2017 NORTH AMERICA BUILDINGS

Related Companies, Oxford Properties Group and Mitsui Fudosan America have secured $1.5bn senior construction loan for 50 Hudson Yards, an office tower in Manhattan, New York. 

The latest funding represents the full capitalisation for the phase I of development at Hudson Yards, which now exceeds $18bn. The remaining funding for the $3.8bn tower will be provided by Related Companies and its project partners.

Designed by architecture firm Foster + Partners, the LEED Gold-designed, 58-floor skyscraper will offer 2.9 million gross square feet (GSF) of office space. It will provide access points on all four sides and the subway concourse below, for easy entry points for employees.

Slated to be commercially open in 2022, the skyscraper will feature the large floor plates preferred, a number of dedicated lobby areas envisaged to address the needs of large-scale tenants using the building for their headquarters.

US-based asset management company BlackRock has already signed up as a tenant and will relocate its headquarters at 50 Hudson Yards and serve as one of the development’s anchor tenants.

Related Companies CEO Jeff Blau said: “This transaction represents the final piece of financing for the entire eastern rail yards, which now totals over $18bn in capital from marquee investment partners, and the full capitalization of 50 Hudson Yards, a visionary building for visionary companies.

“Designed by one of the most celebrated architects in the world, the park-front building offers large, light-filled floorplates, unparalleled amenities and direct connections to the subway and diverse retail, dining and entertainment experiences.”

Construction of the 55 Hudson Yards is expected to begin this year.

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