Construction Begins on Hudson Yards’ 3 Hudson Boulevard
- May 12, 2016
New York—Construction of the foundation for 3 Hudson Boulevard–the latest office skyscraper to rise in the Hudson Yards District on Manhattan’s Far West Side-has begun as the developer continues seeking to nail down tenants for the 66-story tower.
“We couldn’t be more excited to begin construction on the foundation of 3 Hudson Boulevard,” Joseph Moinian, CEO of The Moinian Group, told Commercial Property Executive. “We have the best site in the Hudson Yards District with direct access to Hudson Boulevard Park and unobstructed views.”
The 1.8 million-square-foot tower, which will also offer 20,000 square feet of retail space, will occupy the entire block between 11th Avenue and Hudson Boulevard Park from West 34th Street to West 35th Street. It is across from the Javits Convention Center and at the entrance to the new 7 subway line extension. Because the property sits on bedrock it does not require a support platform and part of the building’s foundation is already being built as part of the MTA’s current infrastructure work for the second entrance to the 34th St. subway station.
Construction of the foundation is expected to be completed by 2017 and the Moinian Group is aiming for the building to be finished in 2021.
Plans for 3 Hudson Boulevard took a big step forward in June 2014 when the development firm announced it had secured a land loan from AIG’s Commercial Mortgage Lending Group. At that time, the skyscraper was projected to cost about $900 million. In a Bloomberg story this week, Moinian said the foundation work alone will cost about $100 million and put an estimated $2 billion price tag on the whole project.
“We are in negotiations with several large tenants for 3 Hudson Boulevard as a possible venue for their headquarters space,” Moinian said in a prepared statement. “Completing the foundation only fills the market with confidence and added enthusiasm that this spectacular building, on the best site in the Hudson Yards District, will be ready for occupancy, timed perfectly to the large space users looking to relocate to a premier, Class A tower.”
“Now that the 7 line extension and Hudson Boulevard Park have both opened to the public, there’s more excitement about the Far West Side than ever. This is our time,” added Arthur Mirante, president of Avison Young’s tri-state region, who is heading up the leasing efforts for the tower.
Designed by Dan Kaplan of FXFOWLE Architects, the 1,050-foot-tall building will offer 1.5 million square feet of Class A office space. The podium level will showcase 48,000-square-foot floor plates and the tower space will have floor plates of 30,000 to 35,000 square feet. The top 14 floors of the building will add up to 300,000 square feet including executive office space, lounges, dining rooms, meeting rooms, outdoor terraces and a rooftop entertainment space.
The developer is also planning two 5-story LED walls, on 34th Street and 11th Avenue, to serve as tenant logos.
The Moinian Group is facing competition for office tenants from several other major nearby developments, including the $20 billion Hudson Yards, a 28-acre, mixed-use project from Related Cos. and Oxford Properties Group. The first office building, the 52-story 10 Hudson Yards, has a full roster of tenants, including Intersection, Sidewalk Labs, Coach Inc., L’Oreal USA, SAP, Boston Consulting Group and VaynerMedia. Time Warner Inc. will move its corporate headquarters to 30 Hudson Yards, a 90-story tower that will also be home to KKR & Co. and Wells Fargo Securities. The third office tower, the 51-story 55 Hudson Yards, has signed Boies, Schiller & Flexner as a tenant and recently added Millbank Tweed Hadley & McCloy to its roster.
Brookfield has also attracted a major law firm to its planned 67-story skyscraper at One Manhattan West – Skadden, Arps, Slater, Meagher & Flom LLP.
Earlier this year, Tishman Speyer unveiled the design for its 65-story tower at 66 Hudson Blvd. dubbed The Spiral. No tenants have been announced.
The Moinan Group has also released a video presentation of the 3 Hudson Boulevard project.
Images courtesy of The Moinian Group