Posted Aug 15, 2022, 1:09 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,983
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https://nypost.com/2022/08/14/hudson...gh-market/amp/
Hudson Yards new office tower booming with new signings despite tough market
By Steve Cuozzo
August 14, 2022
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You’d never know it from some recent bad publicity, but Related Companies’ Hudson Yards is on a roll. If you’re surprised to hear that, the proof is in the enduring and growing strength of the office towers.
For all its glamorous shops, restaurants and performing arts programs, Hudson Yards is first and foremost an office complex, with four huge towers comprising 8.6 million square feet. Although privately-held Related, led by chairman Stephen M. Ross, is shy about sharing data, several brokers helped us to estimate that all the expensive office space is about 95% leased or sold.
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At the newest tower, 50 Hudson Yards, which opens later this year, a bunch of large deals recently closed that totaled a whopping 285,000 square feet in a sluggish market.
The new space commitments bring the tower to around 84% leased. The most impressive is a new lease of 95,000 square feet for Vista Equity Partners. Asking rents for the remaining available space are in the $175-$240-per-square-foot range, brokers said.
The complex’s largest tenants and commercial condo owners include Meta, Warner Bros., BlackRock, Discovery, Tapestry, Wells Fargo, L’Oreal and Point 72. Most employees are at their desks, too. Although Related doesn’t say so for the record, sources tell us that physical office occupancy at the site is up to about 60% compared with the Manhattan average between 40% and 43%.
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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.
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