NEW YORK CITY—Japanese development firm Mitsui Fudosan's US investment arm has bought a stake in 55 Hudson Yards, the Real Deal reports. The company paid approximately $259 million earlier this month for a stake in Related's next Far West Side office tower, according to property records filed Tuesday. It was unclear, however, how large of a stake Mitsui purchased in Related's 1.3 million-square-foot tower at 11th avenue, between 33rd and 34th streets.
Earlier this month, GlobeSt.com EXCLUSIVELY reported that Related expected to make big news regarding 55 Hudson Yars. Construction on the building is slated to start next year, with delivery of the asset targeted for 2017, the developer revealed earlier this year.
At that time, a Related executive set a high bar for the tower. “55 Hudson Yards further establishes Hudson Yards as the new heart of New York,” says Jay Cross, president, Related Hudson Yards. “Featuring the best in culture, dining, shopping and more, the commercial office space, steps from transportation and lush, expansive green space, sets a new standard for working in New York City. Today's business leaders are now more than ever focused on the recruitment and retention of talent and we believe a corporate address at Fifty Five Hudson Yards offers a distinct competitive advantage with a compelling experience inside and outside of the office.”
A few months back, JP Morgan Chase had strongly considered the 55 Hudson Yards development site and another spot directly to the east of the complex as its future headquarters location but negotiations broke down in the fall. The developer could not be reached at press time.
Mitsui Fudosan America owns several other properties around town, including 1251 Ave. of the Americas—a trophy Rockefeller Center office tower—and it is a partner in 160 Madison Ave. the 391-unit multifamily rental building.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
