NEW YORK CITY — A joint venture between Related Cos., Oxford Properties Group and Mitsui Fudosan America Inc. has received $1.5 billion in construction financing for 50 Hudson Yards, a 58-story office tower located within the Hudson Yards development on Manhattan’s West Side. The joint venture has also committed $2.3 billion, bringing the total planned construction costs to $3.8 billion.
Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumitomo Mitsui Banking Corp. served as co-lead arrangers for the $1.5 billion senior construction loan.
Located at the northwest corner of 33rd Street and 10th Avenue, the 2.9 million-square-foot building will be New York City’s fourth largest commercial office tower, according to the joint venture. BlackRock, an investment management firm, will locate its corporate headquarters at the property, occupying 850,000 square feet across 15 floors.
The building — designed by architecture firm Foster + Partners — will feature access points on all four sides and a subway concourse below; private sky lobbies; outdoor terraces; executive valet parking; on-site bike storage; connection to shops and restaurants at Hudson Yards; and an outdoor observation deck.
Site work has commenced with vertical construction scheduled to begin this fall. The building is slated for completion in 2022.
Related Cos. and Oxford Properties Group are developing the overall Hudson Yards project, which features 18 million square feet of mixed-use properties. Upon completion, the project will include more than 100 shops and restaurants, approximately 4,000 residences, 14 acres of public open space, a 750-seat public school and an Equinox-branded luxury hotel with more than 200 rooms.
New York City-based Related Cos. is a privately owned real estate firm specializing in development, acquisition, management, finance, marketing and sales. The company has $50 billion of real estate assets owned or under development
Oxford Properties Group specializes in real estate investment, development and management. The company manages over $40 billion of real estate assets on behalf of its co-owners and investment partners, with a global portfolio spanning over 60 million square feet.
Mitsui Fudosan America Inc. is the U.S. subsidiary of Mitsui Fudosan Co. Ltd., Japan’s largest publicly traded real estate company. Since its inception, the company has acquired and developed office, multifamily and hospitality properties in major markets across the U.S.
— Katie Sloan