NEW YORK CITY—Mitsui Fudosan America—the US operations of Japan's largest real estate company, Related Companies and Oxford Properties Group—have partnered on the full capitalization of Fifty Five Hudson Yards, allowing construction of the trophy office tower to begin. The three firms first came together last month.

Located at 33rd street and 11th avenue on Hudson Park & Boulevard, Fifty Five Hudson Yards is the latest addition to the commercial office tower collection in the 28-acre Hudson Yards development. The investment represents a new trophy property in the expanding portfolio of global real estate leader Mitsui Fudosan Group.

The 51-story, 1.3 million-square-foot LEED Gold building is expected to be ready for tenant fit-out in 2017. The entrance to the building is adjacent to the new No. 7 subway extension which connects to every other major subway line as well as Grand Central Station. Penn Station is also less than a five-minute walk away.

“We are pleased to partner with Related Companies and Oxford Properties Group on Fifty Five Hudson Yards which we consider a new trophy property in the Mitsui Fudosan US and global portfolios,” says Yukio Yoshida, president and CEO of MFA. “Related and Oxford are experienced developers with a proven track record for delivering world class projects and Hudson Yards is fast becoming one of the most desirable locations for top echelon tenants.”

Adds Stephen Ross, chairman and founder of Related Companies, “Mitsui Fudosan is one of the worlds' most established real estate developers and investors and their partnership on this project further solidifies the appeal of Hudson Yards with both global capital and global companies. We have seen incredibly strong interest in Fifty Five Hudson Yards.

Blake Hutcheson, CEO of Oxford, says, “The forward momentum at Hudson Yards is evident to everyone who walks by the development. Each organization has deep experience and incredible portfolios of past developments and investments individually, and this new partnership will benefit from bringing the three together for the first time.”

MFA is no stranger to the New York market. It owns 1251 Ave. of the Americas, a trophy Midtown office tower, along with the 26-story boutique Class A trophy office building at 527 Madison Ave. and more.

MFA's investment in Fifty Five Hudson Yards advances Mitsui Fudosan Group's global expansion under its “Innovation 2017” strategy to diversify the company's nearly $39 billion portfolio by increasing the allocation of the

The building's interior plan starts with a tight, efficient core configuration that eliminates all openings from its perimeter. The floors feature floor-to-ceiling glass, 35-foot lease-spans and a sense of light and air through clear-finished, extra-high, 10-foot ceilings due to the absence of any corner columns. The design has multiple opportunities to showcase tenants brands.

Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center. The 28-acre site will include more than 17 million square feet of commercial and residential space, more than 100 shops and restaurants, approximately 5,000 residences, a unique cultural space, 14 acres of public open space, a 750-seat public school and a 175-room luxury hotel.