Banks, tech among departures sinking Midtown office market

Midtown Manhattan’s struggles in the wake of the pandemic have reached a new low, with banks and big tech companies partly to blame. These companies are eschewing Midtown offices in favor of spots in trendier neighborhoods, the Wall Street Journal reported. The widespread flight to quality over the last year has seen companies drawn to features like outdoor space and smaller carbon footprints in hopes of luring workers back to the office. The shift from

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Related launches lodging for executives’ hybrid work

Related Companies has a new brand up its sleeve, aimed at top executives splitting time between remote work and the office. The developer is launching The Set, a rental apartment brand, the Wall Street Journal reported. Instead of focusing on fully remote employees or lower-level freelance staffers, the brand is designed to provide a luxury experience for executives. The first location will open at 455 10th Avenue in Hudson Yards in the fall. The 270-unit

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Major Food Group bringing members club to Hudson Yards

The company behind Carbone is cooking up a new experience at Hudson Yards with a more exclusive iteration of its downtown predecessor. Major Food Group is planning a New York branch of ZZ’s Club, a members-only establishment popular in Miami, in 25,000 square feet across three floors at 37 Hudson Yards, the New York Times reported. ZZ’s Club will replace the Tavern, an exclusive bistro established in partnership with Wine Spectator. The new club will

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NewYork-Presbyterian takes 75K sf at Tishman Speyer’s Spiral

NewYork-Presbyterian is the latest high-profile tenant to lease space at Tishman Speyer’s The Spiral in Hudson Yards. The medical center said Wednesday it has reached a 20-year agreement to open an Och Spine outpatient care facility at the real estate firm’s under-construction, 65-story tower overlooking the Hudson River and the High Line. The facility will occupy 75,000 square feet on the second floor of the building, 66 Hudson Boulevard. Financial terms were not disclosed. Tishman

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HSBC grabs 265K sf at Tishman Speyer’s Spiral

Tishman Speyer has reeled in another high-profile tenant to its brand-new Hudson Yards tower. HSBC has signed a lease for 265,000 square feet at the Spiral, making the soon-to-open skyscraper the new U.S. headquarters for the London-based bank. HSBC will occupy three of the building’s 65 floors. The financial terms of the 20-year agreement were not disclosed. JLL represented HSBC in the deal. Tishman Speyer was represented by an in-house leasing team. HSBC is expected

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Behind Cove’s intricate deal for Hudson Yards high-rise

Just months after selling its Hudson Yards office complex for over $1 billion, Cove Property Group is planning its next project only one block away. Cove, led by Kevin Hoo, quietly revealed plans to build a 178,122-square-foot, 31-story office and retail building at 413-419 Ninth Avenue in a filing with New York City’s planning office. But getting to this point has not been easy. The effort has involved a lease, a sub-lease, a sub-sub-lease and

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What Peloton, Lyft and other tenants pay at Hudson Commons

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides all the data and market information you need in one location. BlackRock, Pfizer, Facebook, Amazon. In a world of corporate behemoths and aspiring monopolists, there is still some glitz in the New York office market for the little guy. Or the littler guy, anyway. Hudson Commons, a 17-story

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Don Peebles calls affordable housing “absurd” for 11th Avenue site

To developer Don Peebles, the state’s decision to halt plans for a West Side development felt like canceling the Super Bowl with his team leading at halftime. The Peebles Corporation had proposed a 2 million-square-foot skyscraper for the site, 418 11th Avenue. “Affirmation Tower” would have been funded mostly by Black-owned companies, designed by architect Sir David Adjaye, built by minority- and women-owned businesses and included NAACP offices. With the political environment and positive media

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HSBC eyeing move to Tishman Speyer’s Spiral

The Spiral is nearing completion, but Tishman Speyer’s Hudson Yards tower is still looking to fill out its enormous office footprint with more tenants. London-based bank HSBC is in discussions to lease about 250,000 square feet at the development for a local headquarters, Bloomberg reported. A source familiar with the negotiations told the outlet tere is still a chance talks fall through. Tishman Speyer’s building at 66 Hudson Boulevard continues to reel in leases as

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CommonWealth Partners closes on $1B Hudson Commons buy

The Hudson Commons office building is the site of the biggest investment sale in New York City in two and a half years. Los Angeles-based CommonWealth Partners closed on 441 Ninth Avenue on Friday for just over $1 billion, the Commercial Observer reported. The Real Deal reported last month that the adviser to the California Public Employees’ Retirement System fund was in contract to buy the office and retail building for 10 figures. According to

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