Posted Oct 6, 2022, 3:17 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,838
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https://localtoday.news/ny/related-l...rds-42395.html
Stefan Revenboer
October 5, 2022
Quote:
One of the most expensive office projects in New York City history received a little more financial support.
Wells Fargo provided a $348.8 million building loan to Related Companies and Oxford Properties Group to develop 50 Hudson Yards, PincusCo reported. The deal was finalized last month and is considered additional construction debt.
The project’s total price of approximately $4 billion makes the development one of the most expensive office projects in the city’s history. The Foster + Partners-designed building is priced at $1,407 per square foot, beating the $1,230 per square foot of Tishman Speyer’s “Spiral” across the street.
….. The record holder for the most expensive building is One World Trade Center, which cost around 3.8 billion US dollars to build.
Tenants of the 2.8 million square foot, 58-story tower include BlackRock and Meta, who recently terminated their lease at 225 Park Avenue South to focus on their spaces at Hudson Yards and the Farley Post Office.
Last month, Charlotte-based bank Truist Financial leased 100,000 square feet at 50 Hudson Yards and agreed to move from Shvo’s 711 Fifth Avenue, the former Coca-Cola building.
Vista Equity Partners signed a 95,000 square foot lease in July priced between $175 and $240 per square foot. Software company ServiceNow recently expanded its footprint to 50,000 square feet.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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