Global Law Firm Milbank to Move New York Office to 55 Hudson Yards
Preeminent Law Firm to Relocate to Vibrant New Neighborhood on Manhattan’s West Side
NEW YORK, NY – April 29, 2016 – Milbank, Tweed, Hadley & McCloy LLP, a leading international law firm providing innovative legal services to clients around the world, today announced plans to relocate its New York headquarters to 55 Hudson Yards. The international law firm plans to lease more than 250,000 square feet across nine floors in the new park-front boutique office tower on Manhattan’s West Side. The commitment represents the second commercial tenant at 55 Hudson Yards, which is being developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group. The firm has executed a letter of intent for the space and expects to finalize the terms of the lease by the end of the summer. Dale Schlather of Cushman & Wakefield represents Milbank in the transaction. Robert Alexander and Howard Fiddle of CBRE and Stephen Winter of Related represent the ownership group.
Scott Edelman, Chairman of Milbank said, “Milbank continues to be in a period of extraordinarily successful development and change. At Hudson Yards, we look forward to creating an office space for the firm’s exciting future: a space which will foster our collaborative, energetic and inclusive culture. We are thrilled to become part of what promises to be an exciting new community in New York City,” he added.
Jeff Blau, CEO of Related Companies said, “Hudson Yards will redefine the way people work and the presence of Milbank adds yet another visionary and forward-thinking global leader to the project. Their new headquarters at 55 Hudson Yards offers the unique opportunity to create their own park-front office space with unprecedented access to a dynamic live, work, play environment. Milbank is one of the great New York City law firms and we are excited to welcome them and their next generation of legal talent to New York’s next great neighborhood.”
The anticipated LEED Gold, 51-story, 1.3 million gross square foot building was designed by acclaimed global architect A. Eugene Kohn of Kohn Pedersen Fox (KPF) and is expected to open in 2018. The design of 55 Hudson Yards is defined by its indoor-outdoor spaces, early modernism-inspired exterior design, and exceptionally efficient interior space planning. The building is advantageously positioned at the intersection of Hudson Yards, the High Line and Hudson Park & Boulevard. It is one of the few office buildings in the entire city that opens directly onto a park and sits adjacent to a No. 7 Subway station which connects to every other major subway line as well as Grand Central Station. Penn Station is also less than a ten-minute walk away. The exterior of 55 Hudson Yards was inspired by the revitalized High Line district and the manufactured cast iron exterior of SoHo commercial buildings. It offers its commercial office tenants floor-to-ceiling windows with skyline and river views. The interior planning of the building was conceived after extensive study of the space needs of professional service, financial, creative and technology firms.
With more than 8.5 million square feet of residential, commercial and retail space now fully financed and under construction, Hudson Yards is on schedule to open its first office tower, 10 Hudson Yards – home to Coach Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs – in the next few weeks. Sales for the 285 residences at 15 Hudson Yards and 137 residences at 35 Hudson Yards will launch this year. Fifty-Five Hudson Yards, also home to by Boies, Schiller & Flexner, will open in 2018. The one million square foot retail center and 6-acre public plaza will 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 and CNN.
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 signature restaurants by Chefs Thomas Keller, José Andrés and Costas Spiliadis; approximately 4,000 residences; The Shed, a new center for artistic invention; 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.
MILBANK, TWEED, HADLEY & MCCLOY LLP:
Milbank, Tweed, Hadley & McCloy LLP [milbank.com] is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC. Milbank’s lawyers collaborate across practices and offices to help the world’s leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives.
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 MITSUI FUDOSAN AMERICA, INC.:
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York City and is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. – Japan’s largest publicly traded real estate company. MFA’s history in the United States dates back to the early 1970’s. Since its inception, MFA has acquired and developed numerous office, multifamily and hospitality properties in major markets throughout the U.S. including: 1251 Avenue of the Americas in Midtown Manhattan; The Homer Building and 1200 17th Street in Washington D.C.; 270 Brannan Street in San Francisco and the renowned Halekulani Hotel in Waikiki, Hawaii. In addition to its significant portfolio of office buildings, MFA recently expanded its development platform, with several office and multifamily development projects launched in New York, San Francisco, and Washington D.C. For more information, please visit www.mfamerica.com.
Jocelyn De Carvalho
Public Relations Manager