Tishman Speyer announced that it has assembled its second development site in the burgeoning Hudson
Tishman Speyer announced that it has assembled its second development site in the burgeoning Hudson Yards district of Midtown Manhattan.
The development site consists of 434-444 11th Avenue, which Tishman Speyer acquired from Mid-Town Development Limited Partnership for $163.5 million, according to sources, and 550 West 37th Street, which Tishman Speyer acquired from 550 Associates, L.P. The financial terms of 550 W. 37th Street were not disclosed.
The adjacent properties, along with the ability to purchase additional development rights that are available to Hudson Yards district developers, offer Tishman Speyer the opportunity to develop a 1.3 million square foot office tower with street level retail.
In April 2014, Tishman Speyer acquired a full-block assemblage stretching from West 34th to West 35th Streets and from 10th Avenue to Hudson Park and Boulevard. The firm recently unveiled architect Bjarke Ingels’ innovative new design for that 2.85 million square foot office tower, known as The Spiral.
“New York City’s position as a global business center is as strong as ever, and Hudson Yards is rapidly emerging as one of its main engines for further economic growth,” said Tishman Speyer CEO Rob Speyer. “As evidenced by our commitment to develop more than four million square feet of premium commercial space in the area, we are convinced that Manhattan’s far west side is well on its way to becoming the world’s most modern, dynamic and sustainable urban neighborhood.”
Rezoned in 2005, the Hudson Yards district, bounded by West 42nd Street, 8th Avenue, West 30th Street and Hudson River Park, allows for 26 million square feet of office space, 20,000 units of new housing, two million square feet of retail space and 3 million square feet of hotels. In addition, the neighborhood has been bolstered by the recently completed extension of the number 7 subway line, a new Hudson Park and Boulevard and completion of the final phase of the High Line elevated park.
Source: Real Estate Weekly