Tishman Speyer announced this week that it had acquired the rights to develop a 2.85 million square foot tower in Midtown Manhattan's Hudson Yards district, purchasing two undeveloped and adjacent parcels of land on 10th Ave. between West 34th St. and West 35th St. The assembled development site, which was acquired in separate transactions, paid $438 million for the development site, according to a Wall Street Journal report. The assemblage, along with the ability to purchase additional development rights that are available to Hudson Yards district developers, offers Tishman Speyer the rare opportunity to develop and construct a 2.85 million square foot tower in the heart of Manhattan's expanded west side neighborhood and business district.
"For several decades, Tishman Speyer has been one of the world's most active ground-up developers and investors, with projects currently being constructed or in the pipeline on four continents," said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer in a statement. "We are very bullish on New York City and Hudson Yards, and found this to be the perfect time, development site and opportunity to participate in establishing Hudson Yards as the world's next great commercial district and neighborhood."
"New York needs more office space," added Rob Speyer. "There's a scarcity of large blocks of space that's going to be more pronounced in years ahead."
For more news and information visit Blumberg Capital Partners.
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