Mitsui Fudosan Buys Stake in $3.6B Hudson Yards Project
- Sep 05, 2017
Major Japanese real estate developer Mitsui Fudosan has taken a 90 percent stake in the $3.6 billion 50 Hudson Yards in New York, through its subsidiary Mitsui Fudosan America. The 2.8 million-square-foot office skyscaper will be one of the largest standalone office buildings in Manhattan upon completion, which is scheduled for 2022.
50 Hudson Yards is part of Related Cos. and Oxford Properties Group’s $20 billion Hudson Yards project on Manhattan’s Far West Side, which will be the largest private real estate development in U.S. history. The office tower will have 58 floors above ground and three below, with direct access to the new Hudson Yards subway stop and a park at the building’s entrance. Amenities will include large floor plates, several dedicated lobby areas and a parking garage. Well-known names such as investment management firm BlackRock have already signed on to occupy space in the tower. BlackRock paid $1.25 billion to take up a whopping 847,000 square feet, which will serve as the firm’s new global headquarters.
Architecture firm Foster + Partners is designing the building, which is targeting LEED Gold certification.
This isn’t Mitsui Fudosan’s first investment in the Hudson Yards development, as the firm acquired a majority stake in 55 Hudson Yards, a 1.3 million-square-foot office tower, in late 2014. Scheduled for completion in 2018, the tower already has pre-leases from tenants including law firms Cooley LLP, Milbank, Tweed, Hadley & McCloy LLP and Boies, Schiller & Flexner LLP. Family office Point72 Asset Management will also occupy 175,000 square feet.
“As with 55 Hudson Yards, The Mitsui Fudosan Group regards 50 Hudson Yards as a flagship building that will be at the core of its portfolio for future overseas business,” the company’s release noted. “In addition to offering an opportunity to expand the company’s overseas operations, the project will utilize the expertise accumulated though the mixed-use urban development and neighborhood creation projects Mitsui Fudosan has undertaken in Japan to add further value to the Hudson Yards project.”
Rendering courtesy of Hudson Yards New York