NEW YORK CITY—Boston Properties signed an agreement to become the managing partner in developing 3 Hudson Blvd. with the Moinian Group. The Boston, MA-headquartered REIT is purchasing a minority interest in the 2 million square-foot office tower. The building will occupy the entire block between 11th Avenue and Hudson Boulevard Park, extending from W. 34th to W. 35th streets.
“With foundations in place, we expect it will be ready for vertical construction for an anchor tenant in the second quarter of 2019, with occupancy in the first half of 2023,” says John Powers, EVP of Boston Properties.
The 57-story building is within the 60-acre Hudson Yards district. The total cost is more than $2 billion. In addition to this partnership and Moinian equity, the Moinian Group has also actively pursued EB-5 funding.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
