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Related and Oxford Complete $2 Billion Capitalization of 35 Hudson Yards
NEW YORK, NY – July 28, 2016 – Related Companies and Oxford Properties Group today announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million square foot tower on the corner of 33rd Street and 11th Avenue set to open in 2019. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund (TCI). Thirty-Five Hudson Yards will contain an Equinox® branded luxury hotel, office, residential and retail uses.
Stephen M. Ross, Chairman and Founder of Related Companies, said: “This capitalization further underscores the appeal of Hudson Yards with both global capital and global companies. This marquee mixed-use tower will be the tallest residential building in Hudson Yards and will offer residents unrivaled access to the best New York has to offer: culture, fashion, fitness, dining and grand open spaces. It is sure to set a new standard for New York living.”
Blake Hutcheson, CEO of Oxford Properties Group, said: “A clear vision is at the heart of Hudson Yards’ success. We are grateful that this clear vision has become a shared vision – shared between Oxford and Related, and world leading master planners, architects, suppliers, legal and other professional service providers, tenants, and as we celebrate today, financial partners. We are excited to turn this vision into a reality unlike anything ever seen before.”
Standing 1,000 feet tall, 35 Hudson Yards will offer never-before-seen views from Manhattan’s West Side. Designed by David Childs and Skidmore Owings & Merrill, the tower will feature approximately 137 exclusive for-sale residences that start at 500 feet in the air offering breathtaking views, an Equinox® branded luxury hotel comprising more than 200 rooms, a world-class 60,000 square-foot Equinox® fitness club and spa, Equinox’s® global office headquarters, SoulCycle, and ground floor and second floor retail space.
Martin Frass-Ehrfeld, Chairman of TCI Real Estate Partners, said: “We are excited to continue our partnership in Hudson Yards with Related and Oxford. Following our existing investment in 15 Hudson Yards, the development of 35 Hudson Yards will further add to the residential appeal of Hudson Yards.”
At Hudson Yards, more than 8.5 million square feet of residential, commercial and retail space has been financed and is under construction. Ten Hudson Yards – home to Coach, Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs – opened in May of this year. Sales for the 285 residences at 15 Hudson Yards and 137 residences at 35 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 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.
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; 14-acres of public open space; a new 750-seat public school and Equinox® branded luxury hotel with more than 200 rooms – all offering unparalleled amenities for residents, employees and guests. When complete, more than 125,000 people will visit, work in, or call Hudson Yards their home. For more information on Hudson Yards, please visit www.HudsonYardsNewYork.com.
ABOUT RELATED COMPANIES:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. 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 boasts a team of approximately 3,000 professionals. The Company’s portfolio of $30 billion in assets, current and under development, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, and family offices. For more information about Related Companies 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.