Related Cos., Oxford Complete $2.5B Capitalization of Manhattan Tower

January 6, 2026

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The building has already inked Deloitte for an 800,000-square-foot lease.

Related Cos. and Oxford Properties Group have fully capitalized 70 Hudson Yards, closing nearly $2.5 billion in financing. The package includes a $1.6 billion construction loan that was underwritten, structured and led by Wells Fargo, Bank of America and Standard Chartered, in addition to equity from institutional investors.

Upon completion, the 72-story, 1.4 million-square-foot Manhattan office tower will be home to the U.S. headquarters for Deloitte, which agreed in May 2025 to lease 800,000 square feet there. The move will reportedly be New York’s largest tenant relocation since 2020.

The LEED Platinum-certified building will be noteworthy for a few more reasons. Among them, it will be fully electric and carbon neutral. In addition, the $1.6 billion construction loan is the largest in New York since 2020, Dean Shapiro, global head of development at Oxford, said in a prepared statement.

Related and Oxford broke ground on 70 Hudson Yards in July 2025, and its foundations are nearing completion. Vertical construction is scheduled to start in early 2026, and move-ins are expected by late 2028.

Designed by Gensler and Roger Ferris + Partners, with lobby interiors by luxury hospitality designer INC, the building is located at Hudson Boulevard and 35th Street. Deloitte’s personnel and visitors will have a dedicated lobby on Hudson Boulevard, while tenants at the top of the tower will have their own entry on 35th Street.

70 Hudson Yards will feature large outdoor terraces and clear views of the Hudson River and the city skyline, as well as an amenity floor with a private dining room and event space for more than 200 guests. The location provides direct access to Bella Abzug Park and the 7 subway train.

Leasing for the tower’s uppermost levels, totaling 550,000 square feet with private outdoor terraces, plus a separate lobby and an entire floor of exclusive club amenities, will begin in 2026.

Hudson Yards is Manhattan’s first LEED Gold-certified neighborhood and will ultimately include access to concierge medical care at The Health Center at Hudson Yards, priority enrollment a new 750-seat public school and more than five acres of public plazas, gardens and groves.

Stride by stride

Hudson Yards is making steady progress toward that future.

In November 2025, Japan’s Mori Trust acquired the lower 38 floors of 35 Hudson Yards from Related and Oxford for $540 million. That tranche of the 92-story tower comprises 490,128 square feet, including the 212-room Equinox Hotel on floors 24 through 38, Equinox’s fitness and wellness center, street-level retail, and about 180,000 square feet of office space, the latter fully occupied. The tower’s upper-floor luxury residential condominiums were not included in the deal.

Last summer, another building at the edge of Hudson Yards, landed a significant lease. Hudson Commons, a 26-story, 1962-vintage adaptive reuse office building at 441 Ninth Ave., secured a 50,000-square-foot, 10-year lease from AI firm AlphaSense. CommonWealth Partners is the building’s owner.