Global capital continued to flow into Manhattan this week as Japan\u2019s Mori Trust purchased the lower 38 floors of 35 Hudson Yards for $540 million, adding another major asset to its growing New York portfolio.<\/p>\n
The deal covers 490,128 square feet of mixed-use space \u2014 including hotel, retail, fitness and office \u2014 in the 92-story, roughly 1,000-foot tower that\u2019s one of the 20 tallest buildings in New York City and a signature piece of the Hudson Yards redevelopment. Related Companies and Oxford Properties were the sellers.<\/p>\n
For Mori Trust, the acquisition includes the 212-room Equinox Hotel on floors 24 through 38; Equinox\u2019s flagship fitness and wellness center; street-level retail; and approximately 180,000 square feet of office space. The office portion is 100% occupied, while retail is 73% leased. The tower\u2019s upper-floor luxury residential condominiums were not included in the transaction.<\/p>\n
The building opened in 2019 with the Equinox Hotel debuting that June. According to Bloomberg<\/em> reporting at the time, Related first explored a sale of the hotel as early as 2022.<\/p>\n Mori Trust has focused on pairing high-end hospitality with stabilized commercial real estate in global gateway markets.<\/p>\n \u201cAcquiring high-quality properties overseas, such as 35 Hudson Yards, contributes to the stability and sustainability of our asset portfolio and will drive further growth in the future,\u201d said Mori Trust President and CEO, Miwako Date.<\/p>\n The firm expanded its New York footprint last year by purchasing a 49% stake in 245 Park Ave. in Midtown East.<\/p>\n The current deal continues a year of substantial overseas investment in Manhattan: Norges Bank Investment Management acquired a 95% stake in 1177 Avenue of the Americas, while Ingka Investments \u2014 the investment arm of IKEA \u2014 purchased the mixed-use property at 529 Broadway in SoHo.<\/p>\n Additionally, Gulf-region capital has also accelerated: Saudi Arabia\u2019s Public Investment Fund, in partnership with Related, has taken a controlling stake in a Midtown site slated for a new office tower that could exceed $1 billion in total project costs. The underlying land traded for more than $600 million in 2024 with early planning discussions floating heights of roughly 1,200 feet.<\/p>\n Newmark\u2019s Adam Spies, Doug Harmon, Marcella Fasulo, Adam Doneger, Josh King and Avery Silverstein represented both sides of the deal. Jeff Davis of Eastdil Secured advised Related specifically on the hotel component.<\/p>\n","protected":false},"excerpt":{"rendered":" The deal covers 490,128 square feet of mixed-use space \u2014 including hotel, retail, fitness and office \u2014 in the 92-story, roughly 1,000-foot tower that\u2019s one of the 20 tallest buildings in New York City and a signature piece of the Hudson Yards redevelopment. Related Companies and Oxford Properties were the sellers.<\/p>\n","protected":false},"author":3163,"featured_media":3355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5,7],"tags":[71],"class_list":["post-6032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-office-news","category-retail-news","tag-manhattan-ny"],"acf":[],"yoast_head":"\n