BlackRock signs deal to anchor 50 Hudson Yards

50 Hudson Yards rendering Related Companies and Oxford Properties

50 Hudson Yards rendering

Related Companies and Oxford Properties Group this morning unveiled the design for 50 Hudson Yards with news that investment giant BlackRock will anchor the city’s newest trophy office tower .

Designed by Foster + Partners, the 2.9 million gross square foot building will be New York City’s fourth largest commercial office tower and home to BlackRock after the world’s leader in investment management entered into a letter of intent to lease 850,000 s/f  across 15 floors and move its global headquarters to 50 Hudson Yards when it opens in 2022.

“Spanning an entire city block, 50 Hudson Yards, designed by Foster + Partners, offers global businesses 21st century office space and a park-front address in New York’s fastest-growing business district. Hudson Yards is a dynamic mixed-use environment with the best of shopping, open space, living and working all in one place and the pace of commercial leasing is a testament to the success of the new neighborhood,” said Jeff T. Blau, CEO of Related Companies.

“BlackRock is one of the world’s most trusted investment firms and known for its forward-thinking leadership team. Their decision to relocate after nearly three decades on and around Park Avenue is another strong vote of confidence in our collective vision for Manhattan’s West Side. They will join an unprecedented collection of global influencers in media, fashion, beauty, tech, law and finance at Hudson Yards.”

Over 5.8 million square feet of office space is currently under construction or completed at Hudson Yards with 88 percent committed. The retail space, opening in 2018, is already nearly 60 percent leased. Construction on 50 Hudson Yards will begin in 2017.

Blake Hutcheson, President and CEO of Oxford Properties Group, said: “Welcoming BlackRock to Hudson Yards is a milestone bigger than any one building or development. It is a ringing endorsement for Manhattan’s West Side as the epicenter of commerce, culture and community. We believe there is no better tenant to anchor 50 Hudson Yards than BlackRock; and in turn no better location for global leaders than Hudson Yards.”

50 Hudson Yards 10th Avenue

Rob Goldstein, COO for BlackRock, said: “We’re proud to have our name on the marquee of our future home, 50 Hudson Yards. BlackRock’s roots trace back to eight co-founders with the idea for a technology-driven asset manager based in New York City. More than twenty-five years later, we are thrilled to be participating in one of the most innovative real estate projects in the City’s history. This state-of-the-art building will be equipped with the design, technology and resources to attract and retain the best talent in the industry to serve our clients. The quality of the environment Related and Oxford are creating have made us very excited about putting new roots down in Hudson Yards.”

The LEED Gold-designed, 58-story building will stand at the northwest corner of 33rd Street and 10th Avenue. With access points on all four sides and the subway concourse below, 50 Hudson Yards will offer both convenient entry points for employees and an opportunity for each tenant to create a distinct identity. Upon arrival, BlackRock employees will enjoy their own dedicated elevator entrance off of 10th Avenue.

Spanning an entire city block and standing 985 feet tall, the building will offer its marquee tenants private sky lobbies, outdoor terraces, and executive valet parking and drop off in a private porte-cochère. Employees will also benefit from onsite bike storage and concierge services; connections to the one million square foot Shops & Restaurants at Hudson Yards and the outdoor observation deck located at the top of 30 Hudson Yards; and a direct connection to the No. 7 Subway, allowing for an easy commute from Grand Central.

50 Hudson Yards is an upright campus on Manhattan’s West Side, stacking three distinct blocks of commercial space one atop the other. Outlined with pure white stone cladding, each block is separated by the dark banding of the floors behind fully glazed façades. The staggered blocks illustrate the changing scale of the floorplates, with the set-backs creating external terraces that have spectacular views in all directions. The east and west sides of the tower are broken into four-story glass boxes framed by white stone, with glass framing the cityscapes. Accentuating the verticality of the building on the north and south façades, the upright structural elements are also clad in white stone. The building’s peak will be capped by a “halo,” adding a new glow to the New York City skyline when lit at night.

Ariel view of the Hudson Yards construction site

“50 Hudson Yards is a key part of a larger vision that integrates places to live and work within a dense, walkable urban neighborhood,” said Norman Foster, Executive Chairman and Founder of Foster + Partners. “Covering a full city block, the building is highly permeable at ground level, allowing it to engage fully with its urban location. Designed for a sustainable future, the building makes an important contribution to the regeneration of the far west side of Manhattan.”

The interior design of 50 Hudson Yards is defined by its large, column-free floorplates spanning at least 50,000 square feet throughout the building. One of only a few buildings on Manhattan’s West Side able to accommodate 500-plus people on each floor, 50 Hudson Yards was designed to house large enterprise tenants and trading and amenity spaces as well as smaller companies and organizations.

“50 Hudson Yards is envisaged as a vertical campus in the heart of Manhattan that is eminently readable at city scale with three distinct blocks stacked one above the other,” said Nigel Dancey, Head of Studio for Foster + Partners. “Crafted from a simple palette of white stone and glass, the building’s primary structure has been pushed to the edges to create large-span flexible floorplates. It aspires to define the workplace of the future, bringing to the fore the practice’s values of innovation and creativity by producing a positive work environment that seeks to fulfill the needs and expectations of a demanding workforce.”

Peter Riguardi, Kenneth Siegel, Matthew Astrachan and Joseph Messina from JLL are representing BlackRock in the transaction, and Stephen Winter of Related represents the ownership group.

BlackRock signs deal to anchor 50 Hudson Yards : Real Estate Weekly