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Old Posted Feb 10, 2011, 10:27 PM
RobertWalpole RobertWalpole is offline
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http://www.crainsnewyork.com/article...ATE/110219990#

February 10, 2011 1:34 PM
Owner aims to lease 3.5M SF at Hudson Yards
The Related Cos.' Chief Executive Stephen Ross says he expects to lease about a quarter of the 12 million-square-foot Hudson Yards development by the end of the year.
Share Print Email Comment By Jeremy Smerd Stephen Ross is bullish on New York real estate, particularly his own.

The chief executive of The Related Cos. said Wednesday night that he expects to lease 3.5 million square feet of commercial office space by the end of the year at his 26-acre Hudson Yards development on the West Side of Manhattan.

Speaking at a real estate forum at Columbia University, Mr. Ross said Related is actively negotiating with several large corporations that he hopes will become anchor tenants at the site. He declined to name the companies and their industries.

"I'm very encouraged by the interest we're getting," Mr. Ross said.

The 12 million-square-foot, $15 billion project could take 15 years to finish. And Mr. Ross—a part owner of the Miami Dolphins—said no deals have yet been signed.

He joked that his predictions could go the way of his Super Bowl forecast from months ago. "I'm the guy who picked Miami to win the Super Bowl," he said. But he added that with the area's aging building stock, companies are eager to move into gleaming office towers in a waterfront area that will have easy access to the extended No. 7 train at the site's West 33rd Street border.

"I'm very optimistic," Mr. Ross said. "It's a bright sign for the future."

The first building is not expected to open until 2015, at the earliest.

Deputy Mayor for Economic Development Robert Steel, who also spoke at the forum, said Hudson Yards development would be the "last frontier" of class A office space in Manhattan after the redevelopment of lower Manhattan. Mr. Steel said the development, which he noted would provide up to four times the amount of office space as Rockefeller Center, represented a major achievement for the Bloomberg administration, which had championed the redevelopment of the state-owned property since the mayor's first term.

"This will be a legacy project that puts things into place for our administration," Mr. Steel said.

Luxury accessories company Coach is among the companies that have been reported to be interested in moving to Hudson Yards.

Last edited by RobertWalpole; Feb 11, 2011 at 1:23 AM.