Posted Apr 29, 2025, 7:43 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,623
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Related’s on fire in the Hudson Yards. A pity they had to drop the office tower in the casino proposal. That would be more of a certainty.
From that article:
Quote:
https://www.wsj.com/real-estate/commercial/deloitte-office-hudson-yards-manhattan-4a55d495
Deloitte has committed to move its North American headquarters to Hudson Yards, the sprawling master-planned development on Manhattan’s West Side, according to people familiar with the matter. The firm will occupy 800,000 square feet of the 1.1 million-square-foot tower known as 70 Hudson Yards.
Related Cos. reached an agreement with Deloitte even before the New York developer broke ground on the new office tower, which is expected to begin in June. The more-than-60-floor tower will be the largest ground-up U.S. office development to start construction since the pandemic.
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Quote:
New office construction, meanwhile, has been practically non-existent. That lack of new supply has unleashed a scramble among financial services companies, law firms and technology companies for the same trophy assets.
Most of these firms want shiny new towers with specialized climate control systems, plenty of outdoor space and restaurants helmed by Michelin-starred chefs. They prefer to be near train stations or other public transportation.
Related’s 70 Hudson Yards ticks most of these boxes. The building will include a large event space, private dining, a media-podcast studio and “red eye” suites for employees and guests to freshen up after flights. Deloitte, which currently counts Manhattan’s Rockefeller Center as its national office hub, will also have use of an 8,000-square-foot terrace at 70 Hudson Yards.
Related’s ability to lease most of its new tower before it even breaks ground may encourage other developers, such as SL Green Realty and BXP, to push ahead with their proposed new projects despite the challenging backdrop of a global trade war and economic uncertainty.
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With most of the space already spoken for, this tower will likely be full by the time it’s built. Developers need to get their office towers going.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Last edited by NYguy; Apr 29, 2025 at 7:54 PM.
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