Urban Innovation Companies Join Media and Tech Powerhouses on Manhattan’s West Side in City’s Most Connected and Responsive Neighborhood
NEW YORK, NY – January 27, 2016 – Related Companies and Oxford Properties Group today announced that Intersection and Sidewalk Labs will locate their corporate headquarters at 10 Hudson Yards. Intersection, the urban experience company formed in 2015 as the result of a merger between Control Group and Titan, and its lead investor, Sidewalk Labs, have leased over 67,000 square feet of office space joining Coach, Inc., The Boston Consulting Group, L’Oréal USA, SAP and VaynerMedia at the site’s first office building. 10 Hudson Yards is now nearly 100% leased and tenants will begin moving in this spring.
“Our focus is on using technology to improve life in cities,” said Sidewalk Labs CEO and Intersection Chairman Dan Doctoroff. “As a leading data-driven, connected neighborhood, Hudson Yards is the perfect fit for us. 10 Hudson Yards is not only a technologically advanced home, but Hudson Yards more broadly will give us the opportunity to work with Related, visitors, residents and businesses there to explore how creative use of data and technology can make it an even greater place to work, visit and live. Moving here will also mark a milestone for me. The effort to turn this neighborhood into an engine of growth for New York City has been a personal mission for me for 20 years and it is very exciting to see that dream becoming a reality.”
“We are thrilled to welcome Intersection and Sidewalk Labs to Hudson Yards,” said Related’s founder and Chairman Stephen M. Ross. “Hudson Yards is the first New York City neighborhood to offer a true 21st century experience to New York’s residents and employees, and is an ideal location for Intersection and Sidewalk Labs to design innovations that will make other cities more resilient and efficient. It’s also somewhat of a homecoming to have Dan and his team at Hudson Yards, since this new neighborhood would not have been possible without his foresight and dedication. After all, he even named the new neighborhood Hudson Yards. It is an honor to welcome him to his new home. This latest lease also represents a tremendous milestone as both 10 Hudson Yards and 30 Hudson Yards are now nearly fully spoken for.”
“With tenants moving in this year and the building almost fully leased, there has never been a more exciting time at 10 Hudson Yards,” said Blake Hutcheson, CEO of Oxford Properties Group. “Intersection and Sidewalk Labs are a superb fit for the location, which will give them a like-minded, technology-based and data-driven community to call home. We look forward to welcoming them to Hudson Yards – the most digitally connected community in the world.”
Intersection and Sidewalk Labs’ decision to open its office at Hudson Yards is a testament to the west side neighborhood’s position as the City’s most quantified and connected community and a hub for media and technology. Hudson Yards will offer a true interactive, data-driven environment for its tenants, making it a perfect location for technology-focused companies looking for a state-of-the art infrastructure. Communications onsite will be supported by a fiber loop providing fast, uninterrupted service. For greater resiliency, Hudson Yards also offers onsite-power generation capabilities and an onsite microgrid.
As the first quantified community in the United States, Hudson Yards will be a fully-instrumented urban neighborhood able to measure and analyze key physical and environmental attributes including: pedestrian and traffic flow; air quality; energy production and usage; sun and weather data; and health and activity levels of residents and employees; among others. This data will be used to continually improve the worker experience, while also making the neighborhood more efficient and improving operational efficiencies, productivity and quality-of-life. Not only does Hudson Yards offer its tenants a true interactive, data-driven environment, but the new neighborhood on Manhattan’s West Side will also be home to New York City’s smartest and most sophisticated park.
In the lease transaction, Intersection and Sidewalk Labs were represented by Michael R. Laginestra, Rocco Laginestra, Chris Corrinet and Chris Hogan of CBRE. Related and Oxford were represented by Robert Alexander of CBRE and Stephen Winter of Related.
The building, 10 Hudson Yards, was designed by Bill Pedersen of Kohn Pedersen Fox Associates. The building stands 895 feet tall and has 52 stories. Construction on the 1.8 million square foot tower began in December 2012 and the building was topped out in October 2015. Construction is also underway on 30 Hudson Yards and 55 Hudson Yards, the two additional office towers being developed on the Eastern Yard. 30 Hudson Yards is now fully committed with tenants Time Warner Inc., KKR and Wells Fargo Securities occupying space in the 2.6 million square foot tower; and leasing is ongoing at 55 Hudson Yards with litigation powerhouse Boies, Schiller & Flexner already committed to the 51-story tower. Foundation work on the site’s first residential building, 15 Hudson Yards, is nearing completion and sales are expected to begin later this year on the 960,000 square foot tower’s residences. Foundation work is also underway on the site’s 1.1 million square foot mixed-use tower, 35 Hudson Yards, which will house 137 exclusive for-sale residences, a 200-room Equinox® branded luxury hotel, a world-class 60,000 square foot Equinox® fitness club and spa, office space and ground floor retail space.
Hudson Yards is the largest private real estate development in the nation’s history. The site itself will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants – including New York City’s first Neiman Marcus and new restaurants by famed chefs Thomas Keller, José Andrés and Costas Spiliadis – approximately 5,000 residences, a unique cultural space, 14-acres of public open space, a new 750-seat public school and a 200-room Equinox® branded luxury hotel – all offering unparalleled amenities for residents, employees and guests. The development of Hudson Yards will create more than 23,000 construction jobs, and when completed in 2024, more than 125 million people a year will either visit, work in or call Hudson Yards their home. For more information on Hudson Yards, please visit www.HudsonYardsNewYork.com.
Intersection is a technology and media company focused on improving the urban experience at the convergence of digital and physical worlds. The company creates new products and services and invests in the most engaging media platforms that enable cities, businesses and communities to drive engagement, innovation and revenue. Intersection is leading the consortium behind LinkNYC, the largest and fastest free public Wi-Fi network in the world. Intersection is owned by a group of investors led by Sidewalk Labs, an Alphabet company. For more information, visit www.intersection.com.
ABOUT SIDEWALK LABS:
Sidewalk Labs is a newly-formed urban innovation company that is the result of a partnership between Google and Daniel Doctoroff, the former Deputy Mayor of Economic Development and Rebuilding for the City of New York and the CEO of Bloomberg LP. Sidewalk’s mission is to use technology to solve big urban problems across transportation, housing, infrastructure, and data-driven management. Sidewalk led the merger to form Intersection.
ABOUT RELATED COMPANIES:
Founded over 40 years ago, Related Companies is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, fund management, marketing and sales. The Company’s existing portfolio of real estate assets, valued at over $30 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London, São Paulo and Shanghai, and is well-known for having developed the 2.8 million square foot Time Warner Center in New York City and the 72-acre CityPlace in West Palm Beach as well as being a leader in green building. For more information, please visit www.related.com.
ABOUT OXFORD PROPERTIES GROUP:
Oxford Properties Group is a global platform for real estate investment, development and management, with approximately 2,000 employees and over $40 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, and the company’s portfolio includes approximately 56 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of OMERS. For more information, please visit www.oxfordproperties.com.
Stacey Levine, 646-834-9657 [email protected]
Jeremy Soffin, 646-452-5637