NEW YORK | The Spiral (509 W. 34th) | 1,041 FT | 66 FLOORS

[NYguy]

Originally Posted by Submariner

Has excavation on the site begun?

I know that they were preparing to start digging, whether or not that has started I don't know. The article said construction begins in June, I don't know what that was a reference to.


Also, I don't know where the height figure comes from here...


http://rew-online.com/2018/04/10/pfi...speyer-spiral/

Pfizer signs 800,000 s/f lease for Tishman Speyer Spiral

BY REW • APRIL 10, 2018

Tishman Speyer president and CEO Rob Speyer announced yesterday (Tuesday) that the company will begin construction of the 65-story office tower at 66 Hudson Boulevard in June.

The company also announced it had secured financing for the $3.7 billion project, with $1.9 billion in equity from Tishman Speyer and more than a dozen other institutional, pension fund and individual investors, as well as a $1.8 billion construction loan from Blackstone.

Designed by starchitect Bjarke Ingels’ firm BIG, The Spiral will reach 1,031 feet and feature a cascading series of landscaped terraces and hanging gardens as its “signature element,” according to a press release. The terraces will ascend, one per floor, in a spiraling motion to create a continuous green pathway that wraps around the façade of the tower.

https://rebusinessonline.com/tishman...-in-manhattan/

Tishman Speyer to Break Ground on $3.7B, Pfizer-Anchored Office Tower in Manhattan

April 10, 2018
by John Nelson

Tishman Speyer, a New York-based owner and developer of trophy office assets around the world, plans to break ground in June on The Spiral, a $3.7 billion office tower that will rise 65 stories at 66 Hudson Blvd. in Manhattan.

.....Tishman Speyer has tapped Turner Construction to serve as the construction manager for The Spiral, which is expected to generate approximately 7,600 construction jobs and more than 7,100 permanent office, retail and building-service jobs upon completion.

Once construction begins, Tishman Speyer will have more than 4.5 million square feet of modern office space under active construction throughout New York City. The company is currently building The Jacx, a 1.2 million-square-foot office development in Long Island City that is already more than 70 percent pre-leased to Bloomingdales and WeWork; and The Wheeler, a 10-story, 620,000-square-foot office campus that rises above the Macy’s historic downtown Brooklyn department store.

https://www.bisnow.com/new-york/news...one-loan-87154

1,031-Foot Hudson Yards Tower To Start Construction Behind $1.8B Blackstone Loan

April 10, 2018
Ethan Rothstein

The developer, which owns Rockefeller Center and the Chrysler Building, will finance the $3.7B Spiral tower with $1.9B in equity and a $1.8B construction loan from Blackstone Mortgage Trust. Tishman Speyer and a group of pension, foreign and institutional funds all contributed equity in the deal. The tower is expected to take four years to build, and Pfizer has agreed to move its headquarters there on a 20-year lease when it opens in 2022.

https://www.prnewswire.com/news-rele...300627217.html

Tishman Speyer To Begin Construction Of The Spiral, An Iconic Hudson Yards Tower
And Model For The Modern Collaborative Workplace
Pfizer to Relocate its Global Headquarters to Tishman Speyer's 1,031 Foot Midtown West Tower upon Completion in 2022


NEWS PROVIDED BY
Tishman Speyer

Tishman Speyer President and CEO Rob Speyer announced today the company will commence construction in June 2018 on The Spiral, a 65-story office tower at 66 Hudson Boulevard in Manhattan, after securing the necessary financing and finalizing an 800,000 square-foot lease with Pfizer, one of the world's premier biopharmaceutical companies.

....."Pfizer has a proud and storied history in New York City that began in 1849," said Albert Bourla, Pfizer Chief Operating Officer. "We are excited that this move will provide our colleagues with a modern, state of the art headquarters that will enable us to continue to fulfill our desire to be the most innovative biopharmaceutical company dedicated to discovering and bringing new therapies to improve the lives of patients around the world."

[a very long weekend]

2.8 million square feet on this one. One has the feeling that midtown will empty out at this rate. On just the office projects west of Penn station set to build/under construction, we're looking at something like 20 million square feet of office space. There's room for another 20 million if they want it too. Just wild.

[JMKeynes]

Between this tower and 50 MW alone, there will be 4m sf of unaccounted space. There are around another 3m sf of new space available at 1 Vanderbilt and 3 WTC.

Good luck to Moinian and BP for finding a tenant. It’s not happening.

[NYguy]

Originally Posted by a very long weekend

2.8 million square feet on this one. One has the feeling that midtown will empty out at this rate. On just the office projects west of Penn station set to build/under construction, we're looking at something like 20 million square feet of office space. There's room for another 20 million if they want it too. Just wild.

Just a drop in the bucket compared to Midtown overall, but much needed space for expansion and renewal of the supply. With that, the cit won't have to bulldoze entire sections of Midtown. But even the Hudson Yards will fill up. The city counted on a 30 year build-out. It's filling up faster.


Anyway, glad to see financing in place so this can move forward. All good signs.


https://www.cpexecutive.com/post/tis...er-lands-1-8b/

Good times or no, it’s not every developer that can procure nearly financing packages exceeding a billion dollars. However, there have been more than a few such deals in Manhattan over the last 12 months. Related Cos., Oxford Properties Group and Mitsui Fudosan America Inc., developers of the 50 Hudson Yards office tower, reeled in $3.8 billion in financing for the project, including a $1.5 billion senior construction loan. HFZ Capital Group got a boost for the development of The Eleventh, securing $1.25 billion in construction financing for the luxury mixed-use project in Chelsea. And more recently, Extell Development Co. revealed in January of this year that it had closed on a $1.1 billion construction loan for Central Park Tower, which, at a planned 1,550 feet in height, will hold the title of the world’s tallest residential building.

[NYguy]

https://www.instagram.com/p/BhgnZgEF...-by=hagenscutt

[NYguy]

https://therealdeal.com/2018/04/30/d...n-yards-tower/

Dutch pension fund invests in Tishman Speyer’s Hudson Yards tower
Developer transferred more than 60% of the equity in the project to 11 limited partners for $450M


By Rich Bockmann
April 30, 2018

Entities controlled by Tishman Speyer earlier in April transferred nearly 63 percent of the equity in its 2.8 million-square-foot Spiral project to 11 limited partners in a pair of transactions totaling $449.63 million, public records filed with the city Monday show.

The move came as Tishman Speyer announced it had raised an additional $900 million in equity for the development.

A spokesperson for Tishman Speyer declined to comment, but a source familiar with the project confirmed that the pension fund is indeed a limited partner. Other partners include Chinese conglomerate HNA Group, which had been previously disclosed.

Tishman earlier this month announced it has raised a total of $1.9 billion in equity for the planned 65-story office building at 66 Hudson Boulevard. That was up from the $1 billion it had raised by early 2016.

The developer recently locked down $1.8 billion in construction financing from Blackstone Mortgage Trust for the building, which will be anchored by biopharmaceutical giant Pfizer.

[a very long weekend]

Originally Posted by NYguy

Just a drop in the bucket compared to Midtown overall, but much needed space for expansion and renewal of the supply. With that, the cit won't have to bulldoze entire sections of Midtown. But even the Hudson Yards will fill up. The city counted on a 30 year build-out. It's filling up faster.

Yeah, it's years down the line (though it's all happening so fast!) but once Hudson Yards is all built out, development will move north and we could possibly see Japanese style decking of all that mess around the Lincoln Tunnel ramps, particularly if they finally build out that subway station at 41st and 10th avenue. If the far west side is in the realm of $3B, ~2.5 million occupiable square feet towers, then a Gate Tower-type building isn't particularly hard to imagine.

[chris08876]

Credit: JC_Heights

[Prezrezc]

My first impressions of that pic were of NYC...almost any part of it...in the 1970's when sites like that didn't necessarily mean that construction of any sort was about to happen.

Quite the opposite, actually.......

[chris08876]

Can't help but to look at 35 Hudson and know that this will be in similar magnitude, and I believe bulkier. 35 Hudson looks monolithic already. Its a good feeling to know that more is planned, and commencing soon, along with Phase II which we are yet to truly appreciate.

[TechTalkGuy]

Is Midtown West more desirable than downtown?

[chris08876]

Originally Posted by TechTalkGuy

Is Midtown West more desirable than downtown?

Yes. Its been the hot spot for a lot of new business and tenant relocation. Even to the point of threatening the power balance in Midtown East.

[chris08876]

Credit: JC_Heights

[TechTalkGuy]

Looks like we’ve got a ways to go!

[chris08876]

This has "officially" broken ground.

[NYguy]

Bring it on.


https://www.instagram.com/p/BkF8aNRF...=danielsundlin
https://www.instagram.com/p/BkGr0E2n...y=bjarkeingels

Parkscraper in Progress
photo:@danielsundlin

[scalziand]

Originally Posted by a very long weekend

Yeah, it's years down the line (though it's all happening so fast!) but once Hudson Yards is all built out, development will move north and we could possibly see Japanese style decking of all that mess around the Lincoln Tunnel ramps, particularly if they finally build out that subway station at 41st and 10th avenue. If the far west side is in the realm of $3B, ~2.5 million occupiable square feet towers, then a Gate Tower-type building isn't particularly hard to imagine.

Probably going to be done as part of rebuilding the PABT

[Barney Greengrass]

Didn't see much action there today, but can confirm the sign:

[NYguy]

Originally Posted by Sloper

Didn't see much action there today, but can confirm the sign:

Most construction sites in the city are inactive on the weekends. But it's only a matter of time before this is moved to the construction forum. It's financed, and ready to go in the ground. That pesky digging has to be done first though.

[chris08876]

The DOB rendering looks like some sort of mine craft experiment.