Dive Brief:
- Developer Tishman Speyer has announced it will build a 1.3-million-square-foot tower in the burgeoning Hudson Yards section of Manhattan, Bloomberg News reported.
- This is the second skyscraper Tishman Speyer is developing in the area. The other is one of Bjarke Ingels Group’s (BIG) creations, featuring a spiral of greenery-filled terraces snaking up the exterior of the building.
- Tishman Speyer joins developers like Brookfield Property Partners, Moinian Group and Related Companies in taking advantage of the city-fueled development of the far west side of Manhattan, with Related's 28-acre Hudson Yards complex as the centerpiece.
Dive Insight:
No details are available for the new building, but last month the company announced its BIG-designed 65-story glass skyscraper dubbed "The Spiral," which occupies one full block near Manhattan's High Line elevated park. Tishman Speyer said the tower will feature, in addition to the landscaped terraces, 27,000 square feet of retail space, a large "amenity terrace" on the seventh floor and 30-foot lobby ceilings. The building plan also permits tenants to change the interior of their units to a multistory design.
The Hudson Yards project took almost 25 years to get underway and was finally helped along by a new subway station nearby, a strong real estate market and the rise in popularity of the area.
In December, Related announced a $5 billion financing package for its Hudson yards projects, one of the largest post-recession, real estate capital raises since 2008. Related said the money will be used to build two connected buildings, including a 90-story office building and an observation deck. When complete, the project is expected to cost $20 billion, with more than 17 million square feet of office, retail and residential space.
