NEW YORK CITY—As the construction of Hudson Yards ramps up, developers Related Cos. and Oxford Properties Group are inking sales of the property, new leases and financing.
Wells Fargo & Co. has closed its purchase of approximately 500,000 square feet of office space at 30 Hudson Yards and move the New York headquarters of Wells Fargo Securities, its investment banking and capital markets arm, to the building in 2020. The agreement brings the building to full occupancy.
Meanwhile, as expected, Time Warner has acquired more than 1.3 million square feet of commercial office and broadcast studio space in in the same building. A Fried Frank team led by real estate counsel Stephen Lefkowitz, tax partner Richard Wolfe and real estate special counsel David Badain advised the media firm on the deal.
Time Warner will relocate the company's corporate headquarters and its New York City-based employees to 80-story, 1,227-foot skyscraper Hudson Yards, Related's development on the west side of Manhattan and the largest private real estate development in US history. Both Time Warner and Wells Fargo join Kohlberg, Kravis & Roberts, which made its deal in October.
In addition, Related and Oxford announced the closing of over $5 billion in financing for 30 Hudson Yards, the site's flagship office tower, and the one million-square-foot Shops and Restaurants at Hudson Yards. Bank of America served as lead arranger and administrative agent and Wells Fargo and CIBC served as joint lead arrangers for the 30 Hudson Yards lender group.
For the Shops and Restaurants lender group, Deutsche Bank served as lead arranger and administrative agent, Bank of China, Crédit Agricole, and Industrial and Commercial Bank of China served as joint lead arrangers and the Bank of Nova Scotia served as documentation agent. Equity investors in the retail complex were Related and Oxford.
Wells Fargo Securities' space will feature two trading floors—each spanning more than 75,000 square feet—along with seven upper office floors. The firm was represented in the transaction by Ben Lambert from Eastdil Secured and Dale Schlather from Cushman & Wakefield. Related and Oxford were represented by Robert Alexander of CBRE and Stephen Winter of Related.
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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.
