Top 10 Office Developers in the Northeast US
- Feb 16, 2018
The northeastern U.S. region boasts major investments and steady cash flow, as it encapsulates some of the nation’s largest and most active office markets. Although the tech sector has taken over the Boston-Cambridge and New York City areas, developers continue to focus their funds on quality buildings often spreading across entire blocks.
The list highlights the northeastern area’s top 10 developers based on square footage under construction as of February 2018. The ranking is based on Yardi Matrix data.
10. Related Cos.
The firm has nearly 1.5 million square feet under construction across four properties in New York City’s Queens and Manhattan boroughs. Its largest asset, the up-and-coming 35 Hudson Yards at 560 W. 33rd St., will encompass more than one million square feet of office, residential and retail space, as well as a hotel component. Construction on the 71-story tower started in June 2016 and is on track to reach completion in 2019. The asset will be part of the 17 million-square-foot Hudson Yards mega-campus, the largest private development in U.S. history.
9. Boston Properties
The company stands out with a 120-asset nationwide commercial portfolio, the largest number on the list. Boston Properties has a total of three office buildings under construction comprising more than 1.5 million square feet in Cambridge, Mass., Boston and Brooklyn. Construction on the 675,000-square-foot Brooklyn Navy Yard – Dock 72 broke ground in May 2016 and completion is anticipated this March. The asset will rise on a former 200-acre shipyard that’s currently undergoing a $2.5 billion expansion and revitalization plan.
8. Tishman Speyer
The New York-based investor owns a 37 million-square-foot commercial portfolio and has 1,573,000 square feet of space under construction. Tishman Speyer has been strengthening its local footprint by building The Jacx, a 1.2 million-square-foot tower located at 28 Jackson Ave. in Long Island City, N.Y. Things are moving quite fast, as construction commenced in April 2017 and is expected to end exactly two years later. Tishman Speyer’s other upcoming property is Pier 4, a 373,000-square-foot, 13-story facility which will include offices and luxury condos at 130 Northern Ave. in Boston.
7. Liberty Property Trust
The Malvern, Pa.,-based REIT has a little over 1.7 million square feet underway in Philadelphia. Its largest forthcoming building is Comcast Technology Center, which will spread across 60 floors at 1800 Arch St. in Philadelphia’s Center City neighborhood. Rising 1,121 feet (342 m) above ground, it will be the ninth-tallest building in the U.S. and the tallest building outside Manhattan and Chicago. The Comcast-anchored skyscraper will feature 1,569,378 square feet of office, retail, residential and hotel space. Construction kicked off in 2014, topped out in November 2017 and is expected to be completed later this year.
6. SL Green Realty
New York City’s largest commercial property owner has more than 26 million square feet of space nationwide, but continues to focus its attention on Manhattan. Construction on the 1,755,814-square-foot One Vanderbilt started in August 2016. Upon completion in 2020, it will become the city’s second-largest office tower. The 58-story office asset is expected to receive LEED Gold certification and will spread across an entire city block. The property will also boast a 30,000-square-foot tenant-only amenity floor, as well as three floors of retail with a custom-designed culinary concept.
5. The Moinian Group
The company’s commercial portfolio comprises 12 buildings totaling nearly 4.5 million square feet. However, the developer goes beyond big with the construction of 3 Hudson Blvd., a 2 million-square-foot office building located at 400 11th Ave. in Manhattan. The $2 billion property will be finalized in 2021 and will represent a significant addition to the emerging Hudson Yards district. The project will also feature two five-story LED walls to serve as tenant logos.
4. Brookfield Properties
With more than 50.6 million square feet of commercial space under its ownership, Brookfield Properties dives even deeper with the development of One Manhattan West in Manhattan. The 2.2 million-square-foot office tower is located at 401 9th Ave. and broke ground in April 2015. The asset is expected to come online in 2020 and has already secured massive full-floor leases with prestigious tenants such as Ernst & Young, Skadden, Arps, Slate, Meagher & Flom and the National Hockey League. The project will rise from its spot within Brookfield’s eight-acre Manhattan West mixed-use development.
3. Silverstein Properties
The firm’s 8.3 million-square-foot commercial portfolio is about to get a massive upgrade with the addition of the upcoming 2.5 million-square-foot 3 World Trade Center in Manhattan. It has been almost a decade since the owner started construction on this project, which is anticipated to be completed later this year. The property sits at 175 Greenwich St. and will be anchored by media and advertising firm GroupM. Silverstein recently completed 4 World Trade Center, 7 World Trade Center and plans to develop 2 World Trade Center.
2. Time Warner
The entertainment conglomerate took Manhattan by surprise, as it owns most of the upcoming 30 Hudson Yards, a 2.6 million-square-foot supertall office building located at 500 W. 33rd St. The Related Cos.-Oxford Properties Group joint venture broke ground on the structure in May 2015, with completion slated for 2019. The LEED Gold tower will include an 80-foot observation air deck and river-to-river panoramic views.
1. Mitsui Fudosan America Inc.
With more than 4.3 million square feet under construction, the Japanese investor is building a little empire in the heart of the Hudson Yards neighborhood. The company broke ground on the 1,432,049-square-foot LEED Gold-designed 55 Hudson Yards, located at 550 W. 34th St., in January 2015, and completion is expected to take place this March. The other asset under construction is the 2.9 million-square-foot 50 Hudson Yards, which sits at 415 10th Ave. and is set to come online in 2022.