NEW YORK CITY — Related Cos. and Oxford Properties Group have fully capitalized 70 Hudson Yards, a 72-story office tower underway within the co-developers’ 28-acre Hudson Yards campus in Manhattan’s Midtown West neighborhood. The companies recently closed $2.45 billion in financing for the project, including a $1.6 billion construction loan from Wells Fargo, Bank of America and Standard Chartered, as well as equity from institutional investors.
“Securing full equity and the largest construction loan in New York since 2020, on attractive terms, demonstrates the growing global demand from sophisticated investors and lenders of capital into first class office product like 70 Hudson Yards,” says Dean Shapiro, Oxford’s global head of development.
The multi-tenant tower will span 1.4 million square feet and include the U.S. headquarters for Deloitte, one of the “big four” accounting firms that signed a lease for more than 800,000 square feet at the tower last year.
The lease represents the largest tenant relocation in New York City since 2020, according to Related and Oxford. Shapiro adds that the co-developers broke ground before the lease with Deloitte was executed.
Related and Oxford plan to begin vertical construction in the first half of the year. The foundations are nearing completion, according to the development team.
Deloitte staffers and their clients will have a dedicated lobby fronting Hudson Boulevard. The tower will also include a full floor of club amenities, private dining and event space for 200 guests and street-level retail and restaurant space directly adjacent to Bella Abzug Park.
The co-developers plan to launch leasing efforts for uppermost levels of the tower, which totals 550,000 square feet of office space, later this year. The non-Deloitte segment of the tower will feature a separate lobby experience fronting 35th Street and private outdoor terraces.
The design-build team includes Gensler, Roger Ferris + Partners and INC, which will design lobby interiors. The architects designed 70 Hudson Yards to achieve LEED Platinum certification and be the first all-electric, carbon-neutral office building in New York.
Related and Oxford plan to begin tenant move-ins in late 2028.
Based in New York City, Related Cos. is a privately owned real estate firm with over $70 billion in assets owned or under development. In addition to Hudson Yards, the company’s portfolio includes The Grand LA in California and The 78 in Chicago.
Oxford Properties Group is a Toronto-based global real estate developer, investor and manager. The firm has over 30 projects currently underway across all major asset classes. Founded in 1960, the developer is owned by OMERS, the Canadian defined benefit pension plan for Ontario’s municipal employees.
— John Nelson