Jan 22 2015
Mitsui Fudosan America, Inc. (MFA), the U.S. operations of Japan’s largest real estate company, Related Companies and Oxford Properties Group today announced that they have partnered on the full capitalization of Fifty Five Hudson Yards and commenced groundbreaking on the trophy office tower.
Located at 33rd Street and 11th Avenue on Hudson Park & Boulevard, Fifty Five Hudson Yards is the latest addition to the commercial office tower collection in the renowned 28-acre Hudson Yards development. The investment represents a new trophy property in the expanding portfolio of global real estate leader Mitsui Fudosan Group.
Fifty Five Hudson Yards is advantageously positioned at the intersection of Hudson Yards, the High Line and Hudson Park & Boulevard. The entrance to the building is adjacent to the new No. 7 subway extension which connects to every other major subway line as well as Grand Central Station. Penn Station is also less than a five-minute walk away. 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.
“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.”
Stephen M. Ross, Chairman and Founder of Related Companies said, “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. 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.”
The design of Fifty Five Hudson Yards is defined by its indoor-outdoor spaces, SoHo and early modernism inspired exterior design, and exceptionally efficient interior space planning. A. Eugene Kohn and Kohn Pedersen Fox Associates (KPF) served as the Design Architect on the building.
A. Eugene Kohn, Chairman of Kohn Pedersen Fox Associates and Design Architect of Fifty Five Hudson Yards, said, “Fifty Five Hudson Yards provides a strong, elegant, and extremely rational form within the Hudson Yards site. While its neighboring buildings are more sculptural, the building achieves its beauty through its unique gunmetal grey façade and proportions. 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. 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.”
MFA has a long history of investing in properties in the New York market, highlighted by ownership of its trophy office tower in the heart of midtown at 1251 Avenue of the Americas, along with the 26-story boutique Class A trophy office building at 527 Madison Avenue and other notable commercial and residential properties.
MFA’s investment in Fifty Five Hudson Yards advance’s Mitsui Fudosan Group’s global expansion under its “Innovation 2017” strategy to diversify the company’s nearly $39 billion portfolio by increasing the allocation of the international holdings relative to the company’s domestic holdings in Japan.
“Our investment in Fifty Five Hudson Yards comes as part of a long track record in the U.S. and around the world of selecting both properties and joint venture partners that exemplify excellence,” added Mr. Yoshida.
One of the few office buildings in the entire city opening directly onto a park, the main lobby of Fifty Five Hudson Yards sits at the southwestern edge of the City’s new Hudson Park. With a unique buffer of green space, light and air around the building, Fifty Five Hudson Yards offers a welcoming arrival experience for building tenants and visitors. The architects built on the appeal of this great outdoor space by designing a dramatic terrace overlooking the park on the building’s tenth floor. The ability to provide gracious indoor-outdoor space continues up the building as the design offers the ability to carve private, double-height terrace spaces into the tower in flexible locations. These tower terraces allow tenants and guests to enjoy an outdoor experience surrounded by sweeping views of the Hudson River and the Midtown skyline without having to leave the building.
The facade of Fifty Five Hudson Yards was inspired by the revitalized High Line district, the manufactured cast iron exterior of SoHo commercial buildings and the best of early modernism. While the building references the solid exterior of the City’s classic cast iron buildings, it also shares their expansive windows and interior light. Fifty Five Hudson Yards will offer floor-to-ceiling glass throughout the building, bringing light streaming across the entirety of each floor and helping to promote the open skyline and river views it enjoys.
The interior planning of the building was conceived after extensive study of the space needs of professional service, financial, creative and technology firms. The plan starts with a tight, efficient core configuration that eliminates all openings from its perimeter. The flexibility of the usable space on each floor is limitless and floor-to-ceiling glass, 35-foot lease-spans and the absence of any corner columns imbue the floors with a sense of light and air through clear-finished, extra-high, 10-foot ceilings. The design has multiple opportunities to showcase tenant’s brands and is designed to meet every business need with premium amenities, destination dispatch elevators and designated car drop off access. At a height of over 780 feet, the unobstructed views over the Hudson River and of midtown will be stunning throughout the tower floors.”
Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center. The 28-acre site will include more than 17 million square feet of commercial and residential space, more than 100 shops and restaurants, approximately 5,000 residences, a unique cultural space, 14 acres of public open space, a 750-seat public school and a 175-room luxury hotel—all offering unparalleled amenities for residents, employees and guests. It is anticipated that more than 24 million people will visit Hudson Yards every year.