Related Companies and Oxford Properties Group (Oxford) have secured $2.45bn in financing to fully fund the 70 Hudson Yards development.
The package includes a $1.6bn construction loan underwritten and structured by Wells Fargo, Bank of America, and Standard Chartered. Additional equity comes from institutional investors.
Currently under construction at Hudson Boulevard and 35th Street in New York City, the commercial office tower will become the new US headquarters for Deloitte after its completion.
Deloitte agreed to a lease for more than 800,000ft² at 70 Hudson Yards in 2025.
Oxford Properties Group development global head Dean Shapiro said: “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.
“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.”
Gensler and Roger Ferris + Partners are responsible for the building’s design while INC has created the lobby interiors.
Construction began in July 2025, with foundations nearing completion and vertical construction set to start in early this year.
Related and Oxford anticipate that tenants will begin moving in by late 2028.
The 72-storey tower will provide 1.4 million square feet of office space with the upper floors offering 550,000ft² of dedicated office space, featuring private outdoor terraces, a separate lobby, and an entire floor of exclusive amenities.
Leasing for these levels is expected to commence in 2026.
Shapiro added: “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.”
The façade of the building contains copper metal piers with an entry framed by sandstone and limestone.
Inside features include floorplates, outdoor terraces, a floor with a private dining room and event space accommodating more than 200 guests.
In addition, the ground level provides retail and restaurant space with direct access to Bella Abzug Park and the 7 train.
Deloitte business services and performance, managing partner Jon Raphael said: “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.”
