Posted Dec 1, 2021, 3:40 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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Time for Related to start that second phase...
https://www.wsj.com/articles/kkr-wel...ds-11638277200
KKR, Wells Fargo Look to Expand at Manhattan’s Hudson Yards
Office demand in New York has been sluggish, but big employers are competing to lock up the most-prestigious space
By Kate King
Nov. 30, 2021
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Two blue-chip financial companies are looking to add more square footage at Hudson Yards, the latest sign that high-end office space is still in demand as companies try to lure back remote workers and retain talent.
Private-equity firm KKR & Co., which owns the top 10 office floors of the development’s flagship office tower, is looking to expand its footprint, according to people familiar with the matter. Financial-services company Wells Fargo & Co., which already occupies 500,000 square feet in the same building, has also expressed interest in more space, these people said.
An expansion would mark the latest commitment by KKR to Hudson Yards and New York City even as it remains uncertain when office workers and tourists will return in significant numbers. The company last month bought a majority stake for more than $500 million in the observation deck at the top of the building.
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At the same time, developer Related Cos. is working to fill the vacant anchor retail space in the mall at Hudson Yards, which it has been marketing for office use since luxury department store Neiman Marcus left last year.
Meta Platforms Inc., formerly Facebook Inc., which already has a large footprint across the city, has explored leasing the former department store but is also looking at Morgan North, a historic postal office building in Chelsea, according to people familiar with the matter. Tishman Speyer is redeveloping the upper floors into 630,000 square feet of office space, and the postal service will continue to operate its mail processing facility out of the lower floors.
L’Oréal USA, which has its headquarters next door to the Hudson Yards mall, was in talks with Related to take over a chunk of the former Neiman location, but has since scaled back its plans, people familiar with the matter said. The developer is exploring leases with separate tenants for each of the three floors, one of these people said.
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At more than $125 a square foot in the most recent quarter, the Hudson Yards and Manhattan West—another large development in the same neighborhood—had the highest average asking rents for office space in Manhattan, according to real-estate firm Colliers. The borough’s average asking rent in the third quarter was nearly $73 a square foot.
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NEW YORK is Back!
“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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