Related Cos. JV Nears $1.4B Refi for Manhattan Tower

June 2, 2026

Finance New York News Northeast More Office

This was the first office property to debut within Hudson Yards.

A joint venture comprising Related Cos., Oxford Properties Group, STRS Ohio, JP Morgan Asset Management and PIMCO Prime Real Estate is nearing a $1.4 billion CMBS refinancing deal for 10 Hudson Yards, a 1.8 million-square-foot office tower in Manhattan, Bloomberg reported first. The transaction is expected to close on June 24.

Wells Fargo, Goldman Sachs, Morgan Stanley and Deutsche Bank will originate and sell the CMBS loan. The note is expected to carry a 5.5-year, interest-only, fixed-rate of 5.5 percent and is set to mature in 2031.

The funds will be used to refinance $1.2 billion of existing debt, another CMBS note issued in 2016 that matures this month. The remaining capital will cover upfront reserves and pay closing costs.

As of May, the tower’s tenant roster included 12 distinct companies, which fully leased the property. However, 10 Hudson Yards presents a large exposure to three companies that leased nearly 80 percent of the entire tower, namely Tapestry Inc., L’Oreal and Boston Consulting Group.

The property debuted in 2016, benefiting from CRE tax incentives such as a 20-year PILOT agreement. It was the first commercial building to achieve LEED v2009 Platinum certification in the metro and the first to come online within Hudson Yards, a master-planned development which has since expanded to five office properties comprising 11.6 million square feet. Growth continues with Related Cos. and Oxford Properties developing 70 Hudson Yards, a 1.4 million-square-foot project, which was subject to a $2.5 billion financing package this year.

Located at the northwest corner of 30th St. and 10th Ave., 10 Hudson Yards has a direct connection to New York City’s subway system and to the High Line, a 1.5-mile elevated park and pedestrian walkway.

Maturity wall shrinks, yet originations continue rising

The impending wall of debt maturity appears to have shrunk slightly in 2026, according to a survey by the Mortgage Bankers Association. Around 17 percent of outstanding commercial mortgages, or about $875 billion, are on track to reach maturity this year, marking a 9 percent decrease year-over-year. Office loans made up 17 percent of the debt set to mature in 2026, below industrial (23 percent) and hospitality (30 percent).

Despite fewer loans being on track to mature, originations still went up during the first three months of 2026, suggesting the capital markets aren’t driven solely by refinancing deals, a different MBA survey shows. The figure was up 52 percent compared to the first quarter of 2025.

Office originations were down 2 percent year-over-year, representing the only sector to register an annual decline. This slight correction arrived after a yearly growth of 205 percent during 2025’s first quarter, which at the time was the largest increase across all property types.