Tishman Plans $3B Tower

Rockefeller Center-based Tishman Speyer has released plans for a new $3 billion-plus office tower in the Hudson Yards district on Hudson Boulevard at the northern tip of the High Line. Designed by renowned Danish architect Bjarke Ingels of the Bjarke Ingels Group and dubbed The Spiral, the 65-story tower will feature a terraced design with an indoor workplace atrium and exterior landscaped terraces on every floor, with unobstructed views in every direction.

"This punctuates the High Line as the dot on the end of the question mark," explained Bjarke Ingels, referring to the building in relation to the curve of the transformed elevated freight line, in a Wall Street Journal article. "This linear urban garden climbs higher and higher from the High Line to the skyline, if you like."

The developer is working with Mr. Ingels on other projects in San Francisco and Frankfurt, Germany, and tapped him for the Spiral in part because he views real estate as "an organism that needs to be shaped," added Tishman Speyer Chief Executive Rob Speyer. "He understands the tectonic shifts that are happening not just in design but fundamentally in how people are interacting with one another within buildings." Tishman Speyer is looking to pre-lease about 30% of the building to obtain construction financing. The company already has secured more than $1 billion in equity from a group of international investors and has received approval for a 25-year tax abatement worth about $170 million, tapping into the incentives the city provides to developers in the district.

For more news and information visit Blumberg Partners.