Tosko tells GlobeSt.com that the two new tenants give Hudson Yards its bona fides. “When Coach came in, people could have said 'well, Coach was already at West 34th St.' But Loreal comes from Fifth Avenue, which is very different, while SAP wants great space in Manhattan to show off what it does,” he says. “The company has a small presence in Manhattan and is looking to grow. “

The new developments in the project highlight the property's appeal, Tosko says. “Any new construction lease is difficult so trying to coordinate three at the same time, as well as the financing sources; I don't know if that could have been done if not for the strength of the property. All the wondering over whether it could be goes away now,” he states. “That's a pretty big moment.”

During a CBRE press briefing on first quarter activity Wednesday morning, EVP Peter Turchin commented on the significance of the deal. “It makes the site much more viable,” he says. “It also makes a positive statement that tenants prefer new construction. It's great for the city because, with our old building stock, we need as many new buildings as we can get.

The LEED Gold South Tower will stand 895 feet tall and offer state-of-the-art commercial office and ground floor retail space. The building features panoramic views of the city and the Hudson River, with a total of 15,000 square feet of terrace space on three levels. Construction on the 1.7 million square foot South Tower—at the corner of 10^thAvenue and the north side of 30th Street—began last year and the building is slated for occupancy in 2015.

In the announcement, Governor Andrew Cuomo expressed support for the companies that will move into the new space. "Today's announcement recognizes the capacity and skill of our workforce and is another example of companies choosing to stay, invest and grow in New York," he says. "We look forward to continuing to support [the companies] in creating new jobs for New Yorkers and new investments in New York."

Adds Mayor Michael Bloomberg in the release, “The Hudson Yards area is well on its way to becoming a top-tier destination to live, work and visit. World-class office space like the towers Related and Oxford are building will help keep New York City competitive in the global economy, and these commitments represent an important vote of confidence in our city's future.”

SAP is expanding its presence in New York with the new space. Says co-CEO Bill McDermott in the release, “In establishing a single flagship New York location, our only goal was to find the city's most innovative development. Hudson Yards showcases the soul and spirit of renewal that will inspire SAP employees, partners and customers to power a better run world and to improve people's lives. We are honored to join with the City of New York and the Related-Oxford team to fulfill the promise of this emerging neighborhood and landmark project.”

Oxford CEO Blake Hutchesonadds in the release, “The strength of the brands moving their teams to the south tower at Hudson Yards—from L'Oréal to SAP to Coach—is a testament to the momentum behind the development and this great period of growth in New York City."