Hudson Yards new office tower booming with new signings despite tough market

You’d never know from recent bad publicity, but Related Companies’ Hudson Yards is on a roll. If you’re surprised to hear t...


You’d never know from recent bad publicity, but Related Companies’ Hudson Yards is on a roll. If you’re surprised to hear this, the proof is in the enduring and growing strength of 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 the private company Related, led by Chairman Stephen M. Ross, is reluctant to share data, several brokers have helped us estimate that all expensive office space is about 95% leased or sold.

In the newest tower, 50 Hudson Yards, which will open later this year, a slew of big deals recently closed that totaled 285,000 square feet in a lackluster market.

New space commitments bring the tower to approximately 84% leased. Most impressive is a new 95,000 square foot lease for Vista Equity Partners. Asking rents for the remaining available space are between $175 and $240 per square foot, brokers said.

The complex’s largest commercial condo tenants and owners include Meta, Warner Bros., BlackRock, Discovery, Tapestry, Wells Fargo, L’Oreal, and Point 72. Most employees are also at their desks. Although Related doesn’t say it for the record, sources tell us physical office occupancy at the site is around 60% compared to the Manhattan average of between 40% and 43%.

It’s all too easy to lose sight of the phenomenal and continued success of Hudson Yards given the negative publicity about the weakness of the mall, where Related is converting the former seven floors of Neiman Marcus into office space, and the magnet’s closure to the public. Tourist Vessel Next four suicide jumps.

Related Companies' newest tower, 50 Hudson Yards (left), is about 84% leased after a recent round of signings at the West Side complex.
Related Companies’ newest tower, 50 Hudson Yards (left), is about 84% leased after a recent round of signings at the West Side complex.
©2022 Francis Dzikowski/OTTO

Meanwhile, in the unrelated world of Ross NFL Miami Dolphins ownership, his alleged tampering with Tampa Bay Buccaneers quarterback Tom Brady cost the Dolphins two top draft picks and had Ross banned from his own stadium for several months.

But these are all sideshows to the main event: a commercial boom at a sunken railroad yard site that has been an eyesore and a waste of valuable Manhattan land for nearly 100 years.

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Newsrust - US Top News: Hudson Yards new office tower booming with new signings despite tough market
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