Bloomberg News

Tishman Speyer Buys Manhattan Land to Develop Hudson Yards Tower

April 30, 2014

Tishman Speyer Properties LP (TSEYF:US), owner of New York’s Rockefeller Center, plans to develop a tower in the fledgling Hudson Yards district on the far west side of Manhattan.

Tishman Speyer bought a block a undeveloped land stretching from West 34th to West 35th streets to build a 2.85 million-square-foot (265,000-square-meter) tower, the New York-based developer said in a statement today. The site could have a mix of offices and street-level retail, according to the company.

Tishman Speyer is “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,” Co-Chief Executive Officers Jerry Speyer and Rob Speyer said in the statement.

Developers are seeking to transform a largely industrial section of midtown Manhattan near the Hudson River into an office district and residential enclave. Related Cos. is building the first skyscraper at its Hudson Yards project, which the company says is the largest private development in U.S. history. Brookfield Office Properties Inc. (BPO:US) has plans for 7 million square feet of offices and a residential tower at its Manhattan West site.

The Hudson Yards district -- bounded by West 42nd Street, Eighth Avenue, West 30th Street and Hudson River Park -- was rezoned in 2005 and allows for 26 million square feet of office space, 20,000 units of new housing, 2 million square feet of retail space and 3 million square feet of hotels, according to Tishman Speyer.  

The company didn’t disclose financial terms of its purchase. Sherwood Equities, one of the sellers, said in a separate statement that it sold its parcels for $200 million. The other seller was New York’s Rosenthal family, Sherwood said.

To contact the reporter on this story: Heather Perlberg in New York at hperlberg@bloomberg.net

To contact the editors responsible for this story: Kara Wetzel at kwetzel@bloomberg.net Christine Maurus


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