It’s been a busy week for Jeff Blau: in addition to finding an anchor tenant for an office development, his company refinanced one of the key parts of Hudson Yards.
Related Companies landed a $421.5 million loan from Bank of America to replace the previous debt at 30 Hudson Yards, PincusCo reported. The bank previously issued a $400 million loan for the property.
The loan transaction closed in mid-August and was recorded at the end of the month. Related did not immediately respond to a request for comment from The Real Deal.
Related bought 30 Hudson Yards in 2019 in a $2.2 billion sale-leaseback deal designed to keep seller Warner Bros. Discovery in the 100-story tower until 2034. In 2023, KKR took an additional 220,000 square feet at the building where it already had 300,000 square feet, grabbing the space of the departing Meta.
The building is steps away from 70 Hudson Yards, Related’s latest office addition coming to the megadevelopment, which has successfully established itself as a premier office hub, competing with Park Avenue by offering amenities that attract major law, finance, and consulting firms at record high rents.
After landing Deloitte as an anchor tenant for 900,000 square feet at its under-construction tower, Related is negotiating deals for roughly half of the remaining space, company representatives said. The 1.1-million-square-foot project is a few months ahead of schedule and Related is expecting a temporary certificate of occupancy as early as summer 2028.
The tower, co-developed with Oxford Properties Group, is the first of only a handful of new Manhattan office developments slated for delivery over the next several years.
One of those is another Related project at 625 Madison Avenue in the Plaza District.
General Atlantic just signed a 150,000-square-foot lease to serve as the anchor tenant of the development, where the global investment firm plans to occupy five floors of the Plaza District tower upon its scheduled completion in 2029.
Private equity firm Veritas Capital also signed a lease at the building for 93,000 square feet.
Read more
Related wins bid for WarnerMedia sale-leaseback at 30 Hudson Yards
KKR takes over Meta’s large 30 Hudson Yards space
Related’s 70 Hudson Yards is coming online at the right time
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