{"id":1004149383,"date":"2016-08-03T01:41:26","date_gmt":"2016-08-03T09:41:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004149383"},"modified":"2020-04-23T03:37:00","modified_gmt":"2020-04-23T11:37:00","slug":"allianz-coach-get-busy-at-10-hudson-yards","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/allianz-coach-get-busy-at-10-hudson-yards\/","title":{"rendered":"Coach Monetizes Space at 10 Hudson Yards"},"content":{"rendered":"

By Gail Kalinoski<\/p>\n

\"10<\/a>

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

New York<\/strong>\u2014Coach Inc.<\/a>, the first company to buy space in 10 Hudson Yards three years ago, has sold its stake in the new skyscraper in a sale-leaseback that was part of a larger deal that saw Allianz<\/a> take a 44 percent interest in the building and the investor group refinance with a $1.2 billion mortgage.<\/p>\n

The luxury retailer said it received approximately $707 million for the stake that it paid $530 million for in 2013. Coach is now leasing its headquarters space, about 700,000 square feet, for 20 years. The company, which began moving its 7,000 employees<\/a> into the 52-story building in May, is the largest tenant in the 1.8 million-square-foot office tower constructed by Related Cos. and Oxford Properties Group.<\/p>\n

\u201cWe are very pleased to monetize our investment in Hudson Yards, where we were the first company to commit to the project and will be the largest tenant in the new building,\u201d Coach CEO Victor Luis said in a prepared statement.<\/p>\n

10 Hudson Yards is the first building to be completed within the $25 billion, 28-acre mega-development on Manhattan\u2019s Far West Side that will eventually include 17 million square feet of commercial and residential space, a park, cultural area, luxury hotel, fitness club and public school. Other tenants at 10 Hudson Yards include L\u2019Oreal USA<\/a>, SAP, Boston Consulting Group, VaynerMedia, Intersection and Sidewalk Labs<\/a>, which were the last companies to lease space in the skyscraper earlier this year.<\/p>\n

Allianz Real Estate, a New York-based unit of the European insurance giant, paid approximately $420 million in cash for a 44 percent stake in 10 Hudson Yards, which included the Coach interest and a portion of the stake held by Kuwait\u2019s sovereign wealth fund, the Kuwait Investment Authority, according to The Wall Street Journal<\/a><\/em>.<\/p>\n

Allianz is part of a limited partnership including Related, Oxford and institutional investors advised by J.P. Morgan Asset Management that now owns the building.<\/p>\n

\u201cThis opportunity reflects the goal of our U.S. team to pursue high-quality, long-term investments with best-in-class partners,\u201d Christoph Donner, CEO of Allianz Real Estate America, said in a prepared statement. \u201cBut the attractiveness of this investment goes beyond the financial dimension \u2013 being part of an exciting new neighborhood is a source of great pride.\u201d<\/p>\n

Jeff Blau, CEO of Related Cos., noted that Allianz is one of the world\u2019s most respected real estate investors.<\/p>\n

\u201cIts commitment further evidences the value we have created through our focus on best-in-class architecture and planning and meticulous execution,\u201d he said in prepared remarks.<\/p>\n

Allianz\u2019 acquisition of the stake in 10 Hudson Yards was part of a recapitalization of the skyscraper that now valued it at about $2.1 billion. Deutsche Bank and Goldman Sachs provided $1.2 billion in debt financing.<\/p>\n

Blau said the recapitalization \u201cshowcases the global appeal of Hudson Yards.\u201d<\/p>\n

Blake Hutcheson, Oxford CEO, added that the \u201csuccessful recapitalization represents yet another vote of confidence in 10 Hudson Yards and the Hudson Yards neighborhood at large.\u201d<\/p>\n

The tower, which also features ground-floor retail space, has a direct connection to the 1 million-square-foot Shops & Restaurants at Hudson Yards, which is scheduled to open in fall 2018<\/a>. 55 Hudson Yards, which has major law firms Boies, Schiller & Flexner as well as Milbank, Tweed, Hadley & McCloy as tenants, will also open in 2018<\/a>. The third office tower in the first phase, 30 Hudson Yards<\/a>, has secured KKR, Wells Fargo Securities, Time Warner, HBO, CNN, Warner Bros. and Turner Broadcasting as tenants and is on track to be finished in 2019. The developers also said sales for the 285 residences at 15 Hudson Yards will begin this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The first company to buy space in the skyscraper has now sold its stake in a deal involving Allianz Real Estate.<\/p>\n","protected":false},"author":1068,"featured_media":1004149404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21783,21752,1600,21742,10,21747],"tags":[],"class_list":["post-1004149383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nCoach Monetizes Space at 10 Hudson Yards - 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\/allianz-coach-get-busy-at-10-hudson-yards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coach Monetizes Space at 10 Hudson Yards\" \/>\n<meta property=\"og:description\" content=\"The first company to buy space in the skyscraper has now sold its stake in a deal involving Allianz Real Estate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/allianz-coach-get-busy-at-10-hudson-yards\/\" \/>\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=\"2016-08-03T09:41:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-23T11:37:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/10-Hudson-Yards.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"543\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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\/allianz-coach-get-busy-at-10-hudson-yards\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/allianz-coach-get-busy-at-10-hudson-yards\/\",\"name\":\"Coach Monetizes Space at 10 Hudson Yards - 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