{"id":1004132409,"date":"2015-11-25T07:02:11","date_gmt":"2015-11-25T15:02:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004132409"},"modified":"2022-12-08T18:41:52","modified_gmt":"2022-12-09T02:41:52","slug":"related-oxford-close-financing-for-hudson-yards-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/related-oxford-close-financing-for-hudson-yards-tower\/","title":{"rendered":"Related, Oxford Close Financing for Hudson Yards Tower"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/p>\n

\"15<\/a>

15 Hudson Yards<\/p><\/div>\n

While the office skyscrapers planned for the $20 billion Hudson Yards mixed-use development on Manhattan\u2019s West Side have garnered headlines about new tenants and investors, the first residential tower at the 28-acre site has some big news of its own \u2013 developers Related Cos. and Oxford Properties Group have secured more than $1 billion in financing secured for its construction.<\/p>\n

The developers announced this week they have closed on $1.3 billion in financing to fund 15 Hudson Yards, the 70-story, 910-foot tall tower that will have 285 for-sale residences and 106 rental units. The 960,000-square-foot building will be complete in 2018. Sales are expected to start in mid-2016.<\/p>\n

Fifteen Hudson Yards, designed by Diller Scofidio + Renfro and Rockwell Group, will have a tapered design that will offer residents unobstructed views of the Hudson River and New York City. The LEED Gold-designed building will front on a new plaza and be adjacent to the High Line. It will also be connected to the Culture Shed, a seven-level, multi-purpose cultural space.<\/p>\n

Related and Oxford, both private companies, and a sovereign wealth fund have provided equity for construction of the tower and debt was provided by London\u2019s Children\u2019s Investment Fund in the form of a $850 million loan and tax-exempt bonds from New York State.<\/p>\n

\u201cHudson Yards is transforming the west side of Manhattan and this latest transaction represents a continued show of confidence from elite investors and lenders,\u201d Jeff Blau, Related CEO, said in a prepared statement. \u201cWe have already attracted business leaders in finance, fashion, beauty, consulting, law, tech and media to Hudson Yards; and in just a few short years we will welcome our first residents to the new neighborhood.\u201d<\/p>\n

Blake Hutcheson, Oxford Properties CEO, noted that the project was more than buildings.<\/p>\n

\u201cSince day one we envisioned a rich community where people can work live and play,\u201d he said in a statement. \u201cToday, we take another step towards this objective and we are honored that our financing partners share this vision.\u201d<\/p>\n

Hudson Yards, which will have 17 million square feet of commercial and residential space when completed, is considered the largest private development in U.S. history. When the mega-development is built out, it will also have more than 100 shops and restaurants, approximately 5,000 residences, a cultural space, 14 acres of public open space and a public school.<\/p>\n

The second residential tower, 35 Hudson Yards, will have 70 stories and include a luxury, 200-room Equinox-branded hotel.<\/p>\n

The first office tower, 10 Hudson Yards,<\/a> is expected to be open early next year. The 1.7 million-square-foot, 52-story building at 30th<\/sup> Street and 10th<\/sup> Avenue will be home to tenants including Coach Inc., L\u2019Oreal USA, SAP and VaynerMedia. Boston Consulting Group, a leading global management consulting firm, recently announced it was taking six floors at 10 Hudson Yards in 2016.<\/p>\n

A second office skyscraper, 30 Hudson Yards, has also been attracting big-name tenants, including private equity giant KKR & Co., L. L.P.,<\/a> which said last month it is buying the top 10 floors at the 90-story tower. KKR will join Time Warner Inc., which will own 1.5 million square feet of space in the 2.6 million-square-foot tower expected to open in 2019.<\/p>\n

A third office tower, the 50-story 55 Hudson Yards, will be home to the major law firm, Boies, Schiller & Flexner, which signed a lease in June for 83,000 square feet in the building due for completion in 2018. In January, Japanese company Mitsui Fudosan American<\/a> bought a 90 percent stake in the 1.3 million-square-foot building for a reported $259 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The first residential tower at Hudson Yards has received $1.3 billion in financing. <\/p>\n","protected":false},"author":1068,"featured_media":1004132777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21752,1600,21742,10],"tags":[],"class_list":["post-1004132409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-mixed-use","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"\nRelated, Oxford Close Financing for Hudson Yards Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/related-oxford-close-financing-for-hudson-yards-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Related, Oxford Close Financing for Hudson Yards Tower\" \/>\n<meta property=\"og:description\" content=\"The first residential tower at Hudson Yards has received $1.3 billion in financing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/related-oxford-close-financing-for-hudson-yards-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-25T15:02:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:41:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/15-Hudson-Yards.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"848\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/related-oxford-close-financing-for-hudson-yards-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/related-oxford-close-financing-for-hudson-yards-tower\/\",\"name\":\"Related, Oxford Close Financing for Hudson Yards Tower - 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