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Mitsui Fudosan Takes 90% Stake in Hudson Yards Tower

At nearly 2.8 million square feet, 50 Hudson Yards is among the largest standalone office developments in Manhattan.

Rendering of Hudson Yards project A rendering of the Hudson Yards complex as seen from the Hudson River. (Image courtesy of Related Oxford)

NEW YORK CITY—Mitsui Fudosan said Friday it would take a 90% stake in 50 Hudson Yards, a 58-story office tower that’s being developed by Related Cos. and Oxford Properties Group as part of the massive Hudson Yards mixed-use project on Manhattan’s Far West Side. Total project value of the 985-foot office property is more than ¥400 billion, or US$3.6 billion.

The deal marks Tokyo-based Mitsui Fudosan’s second investment in Hudson Yards. In 2014, it acquired a majority interest in 55 Hudson Yards, paying $259 million for a 90% stake in the 51-story office property, which is scheduled to open in 2018.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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