Facebook Completes 1.5 Million SF in Lease Deals at Hudson Yards
Real Estate In-Depth | November 2019
NEW YORK—Hudson Yards announced on Nov. 14 it had completed a lease with Facebook for more than 1.5 million square feet of office space across 30 floors and three buildings at Hudson Yards.
The lease deal includes approximately 1.2 million square feet at 50 Hudson Yards, approximately 265,000 square feet at 30 Hudson Yards and approximately 57,000 square feet at 55 Hudson Yards.
30 Hudson Yards was developed by Related Companies and Oxford Properties Group, 50 and 55 Hudson Yards were developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group. Cushman & Wakefield represented Facebook in the transaction and Related handled the negotiations in-house.
John Tenanes, VP of Global Facilities and Real Estate for Facebook said, “New York’s vibrant communities, strong business economy and diverse talent base first attracted us to the city in 2007. When considering the next phase of our growth in the city, it was important that our newest office space was situated in the heart of a vibrant community that offered access to arts, culture, media and commerce. Hudson Yards offered this and more, and we’re excited to expand our offices there starting in 2020.”
Jeff T. Blau, CEO of Related Companies said, “This is an extraordinary commitment to New York City and Hudson Yards. Hudson Yards continues to be a magnet for talent, attracting the greatest companies across every sector of the economy. We are thrilled to welcome Facebook and its employees to their new park-front offices where they will enjoy the convenience of a truly dynamic live-work-play environment.”
Dean Shapiro, head of U.S. Development for Oxford Properties Group said, “Hudson Yards continues to cement its reputation as a destination of choice for employers looking to gain an edge in the war for talent. The array of world-class companies that have been attracted to the project will ensure we are building a vibrant new employment hub for New York. We are proud to be partnering with Facebook to create the workplace of the future for its employees; a place that provides world-class amenities across food, entertainment, retail, arts and culture right on its doorstep.”
30 Hudson Yards is fully committed, 55 Hudson Yards is 99% committed and 50 Hudson Yards, anchored by BlackRock, is now 75% leased two and half years prior to occupancy. Over 8 million square feet has been leased or sold at Hudson Yards bringing the overall leasing commitments to 91% of the development.
10 Hudson Yards is home to Guardian Life Insurance Co., L’Oréal USA, Tapestry Inc., The Boston Consulting Group, SAP, VaynerMedia, Intersection and Sidewalk Labs. 55 Hudson Yards is home to Boies, Schiller & Flexner, Engineers Gate, HealthCor Management, Milbank LLP, Point72 Asset Management, Silver Lake, Third Point LLC, MarketAxess and Mount Sinai Health System. 30 Hudson Yards is home to Kohlberg, Kravis & Roberts (KKR), WarnerMedia, Related Companies, Wells Fargo Securities and DNB. 35 Hudson Yards is home to Equinox’s headquarters, Equinox Hotel and Hospital for Special Surgery.
50 Hudson Yards will be home to BlackRock’s world headquarters. The LEED Gold-designed, 78-story building will stand at the northwest corner of 33rd Street and 10th Avenue. The building will feature private sky lobbies, outdoor terraces and valet parking and drop-off in a private porte-cochère.
Hudson Yards on Manhattan’s West Side and home to more than 100 shops and restaurants, including New York City’s first Neiman Marcus, an array of experiential and online retailers, and a collection of leading brands in every category from luxury to fast fashion. The neighborhood features restaurants and food experiences by chefs and restaurateurs Thomas Keller, José Andrés, David Chang, Michael Lomonaco, Costas Spiliadis, Stephen Starr, rhubarb and Chef Peter Jin, D&D London and more; dynamic cultural institutions; 4,000 state-of-the-art modern residences; more than five acres of public plazas, gardens and groves and eventually a new 750-seat public school.