Related Companies And Oxford Properties Group Complete Recapitalization Of 10 Hudson Yards

NEW YORK, NY – August 1, 2016 – Related Companies and Oxford Properties Group today announced the closing of a recapitalization of 10 Hudson Yards. Ten Hudson Yards, which opened earlier this year, is home to the global headquarters of Coach, Inc., L’Oréal USA, SAP, The Boston Consulting Group, VaynerMedia, Intersection and Sidewalk Labs. As part of the transaction, Allianz has acquired a 44% stake in the building. The building is now owned by a limited partnership that includes Allianz, Related Companies, Oxford Properties Group and institutional investors advised by J.P. Morgan Asset Management. Deutsche Bank and Goldman Sachs provided $1.2 billion in debt financing.

Jeff T. Blau, CEO of Related Companies, said: “The momentum at Hudson Yards is undeniable. The recapitalization of 10 Hudson Yards showcases the global appeal of Hudson Yards and is further evidence of the value we have created through our mixed-use strategy focused on best-in-class architecture and planning and meticulous execution. Hudson Yards is transforming Manhattan’s West Side and creating an entirely new vibrant neighborhood. Earlier this year we opened 10 Hudson Yards and the forward pace will continue as we launch our residential sales efforts this fall and drive towards completion of the entire Eastern Rail Yards in a few short years.”

Blake Hutcheson, CEO of Oxford Properties Group, said: “The successful recapitalization represents yet another vote of confidence in 10 Hudson Yards and the Hudson Yards neighborhood at large. Ten Hudson Yards has shone bright on the international stage since day one. Investors, tenants, lenders and partners see the once-in-a-generation opportunity this site affords and together we are creating a legacy landmark of culture, retail, residential and commerce – something that will generate true value for decades to come.”

Christoph Donner, CEO of Allianz Real Estate of America, said: “Allianz is focused on pursuing high-quality, long-term investment opportunities in global 24/7 cities, in collaboration with best-in-class partners. Our participation in 10 Hudson Yards reflects this strategy in every way. Moreover, the opportunity to play such a significant role in a real estate development that promises to be a new beacon for Manhattan gives us all a special sense of satisfaction.”

The 52-story 10 Hudson Yards is a LEED Platinum-designed tower by acclaimed global architects Kohn Pedersen Fox Associates (KPF). It stands 895 feet tall and offers state-of-the-art commercial offices, ground-floor retail space and a direct connection to the one-million-square-foot Shops & Restaurants at Hudson Yards. The building features panoramic views and is uniquely interwoven with the celebrated High Line, which passes through the structure of the building, making 10 Hudson Yards one of the most distinct buildings in the city. The building is being managed by Related Management, whose innovative focus on the employee and visitor experience further distinguishes 10 Hudson Yards in the commercial office market. The new No. 7 Subway station, which opened last fall, is conveniently located adjacent to Hudson Yards.

Hudson Yards will be a model for the 21st century urban experience; an unprecedented mix of buildings, streets, parks, utilities and public spaces that will combine to form a connected, responsive, clean, reliable and efficient neighborhood. With more than 8.5 million square feet of residential, commercial and retail space now under construction or operational, Hudson Yards is on track to open the entire first phase by 2019. Sales for the 285 residences at 15 Hudson Yards will launch this year. Fifty-Five Hudson Yards, home to Boies, Schiller & Flexner, Milbank, Tweed, Hadley & McCloy LLP and Point72, will open in 2018. The one-million-square-foot retail center and 5-acre public plaza will also open in the fall of 2018, followed in 2019 by 30 Hudson Yards, the commercial office tower that will house KKR, Wells Fargo Securities, TimeWarner, HBO, CNN, Warner Bros and Turner Broadcasting as well as Related and Oxford.

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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.

ABOUT ALLIANZ REAL ESTATE:

Allianz Real Estate is the strategic center of expertise in real estate within the Allianz Group and a leading international real estate investment and asset manager. Allianz Real Estate develops and executes worldwide tailored portfolio and investment strategies on behalf of the Allianz companies, considering direct as well as indirect investments and real estate loans. The operational management of investments and assets is currently performed in six international subsidiaries and hubs in Germany, France, Switzerland, Italy, USA and Asia/Pacific. The headquarters of Allianz Real Estate are located in Munich and Paris. Allianz Real Estate has approximately €42 bn assets under management. Allianz Real Estate of America is responsible for equity and commercial mortgage loan investments in the Americas, and is based in New York. The portfolio of more than $13 billion under management is diversified across 30+ metro markets and property types spanning office, multi-family, retail, and industrial. For more information, please visit http://www.allianz-realestate.com/en/

ABOUT J.P. MORGAN ASSET MANAGEMENT – GLOBAL REAL ASSETS:

J.P. Morgan Asset Management – Global Real Assets has more than $90 billion in assets under management and more than 400 professionals in 19 offices throughout the Americas, Europe and Asia Pacific, as of March 31, 2016. With a 45-plus year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. For more information: jpmorgan.com/institutional/global_real_assets

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CONTACT:

Related Companies:
Joanna Rose
212.801.3902
[email protected]
[email protected]