New York's Hudson Yards Skyscraper Breaks Ground

Mitsui Fudosan America Inc. (MFA), the U.S. operations of Japan's largest real estate company, along with Related Companies and Oxford Properties Group broke ground this week on the trophy office tower at Fifty Five Hudson Yards on Hudson Park & Boulevard. The skyscraper is the latest addition to the 28-acre Hudson Yards development, and represents a new trophy property in the expanding portfolio of global real estate leader Mitsui Fudosan Group.

"We are pleased to partner with Related Companies and Oxford Properties Group on Fifty Five Hudson Yards which we consider a new trophy property in the Mitsui Fudosan U.S. and global portfolios," said Yukio Yoshida, President and CEO of MFA. "Related and Oxford are experienced developers with a proven track record for delivering world class projects, making them ideal partners. Hudson Yards is fast becoming one of the most desirable locations for top echelon tenants, offering an unparalleled modern, mixed-use environment. We are looking forward to being a central part of the success of the Hudson Yards development."

"We are thrilled to partner with Mitsui Fudosan America and commence construction on Fifty Five Hudson Yards. Mitsui Fudosan is one of the worlds' most established real estate developers and investors and their partnership on this project further solidifies the appeal of Hudson Yards with both global capital and global companies," added Stephen Ross, Chairman and Founder of Related Companies. "Hudson Yards is already the future home of Coach, Inc., L'Oréal USA, SAP and Time Warner Inc. and we have seen incredibly strong interest in Fifty Five Hudson Yards. Featuring the best in culture, dining, shopping and more, the commercial office space, steps from transportation and lush, expansive green space, Hudson Yards sets a new standard for working in New York City."

Blake Hutcheson, CEO of Oxford Properties Group, said, "The forward momentum at Hudson Yards is evident to everyone who walks by the development. Oxford is pleased to join Related in partnering with Mitsui Fudosan and commencing construction on Fifty Five Hudson Yards. Each organization has deep experience and incredible portfolios of past developments and investments individually, and this new partnership will benefit from bringing the three together for the first time."

Designed by A. Eugene Kohn and Kohn Pedersen Fox Associates (KPF), the fully capitalized, anticipated LEED Gold, 51-story, 1.3 million gross square foot building is expected to be ready for tenant fit-out in 2017. "Simple in form, but rich in detail, the building was inspired by the historic cast iron architecture found throughout SoHo, and aims to relate to the neighborhoods of Chelsea and the Meatpacking District adjacent to Hudson Yards," said A. Eugene Kohn, Chairman of KPF and Design Architect of Fifty Five Hudson Yards. "Fifty Five Hudson Yards was designed to create an extremely workable and efficient office building which is suitable for a variety of tenants both large and small."

For more news and information visit Blumberg Capital Partners.

Sandler O'Neill Makes Longterm Play for 1251 Avenue of the Americas

Mitsui Fudosan America gained another long-term tenant this month as Sandler O'Neill & Partners inked a lease for 74,164 square feet in the 1251 Avenue of the Americas skyscraper in New York. While terms of the lease were not disclosed, CoStar reports that O'Neill's occupancy is scheduled for 2012. Sandler O'Neill & Partners was represented by Cushman & Wakefield while the owners were represented by Newmark Knight Frank.

1251 Avenue of the Americas, also known as the Exxon Building, was part of the later Rockefeller Center expansion (1960s-1970s) dubbed the "XYZ Buildings" on Sixth Avenue, (also known as Avenue of the Americas). In 1989 Exxon announced that it was moving its headquarters and around 300 employees from New York City to the Las Colinas area of Irving, Texas. Exxon sold the Exxon Building, its former headquarters, to a unit of Mitsui Real Estate Development Co. Ltd. in 1986 for $610 million. Tenants of the property include DLA Piper, Rothschild, Mizuho, The Bank of Tokyo-Mitsubishi, and Natixis, which recently leased a large block of space in the building.

For more news and information visit Blumberg Capital Partners.