Related Inks Dual Lease at 10 Hudson Yards

NEW YORK CITY—Technology and media company Intersection, along with its lead investor Sidewalk Labs, have leased more than 67,000 square feet of space at 10 Hudson Yards here.

The new lease transactions bring the 52-story, 1.8-mllion-square-foot office tower to nearly 100% leased. The adjoining 90-story, 2.6-million square foot office tower at 30 Hudson Yards is also nearly 100% leased. That building is scheduled to be completed in 2019.

Hudson Yards owners Related Companies and Oxford Properties Group report that tenants will begin moving into the newly constructed 10 Hudson Yards building this spring. The firms will join Coach, the Boston Consulting Group, L'Oréal USA, SAP and VaynerMedia at the site's first office building. Boston Consulting Group's 193,295-square-foot lease deal was announced last November.

Intersection and Sidewalk Labs were represented by Michael R. Laginestra, Rocco Laginestra, Chris Corrinet and Chris Hogan of CBRE. Related and Oxford were represented in the lease deal by Robert Alexander of CBRE and Stephen Winter of Related.

"Our focus is on using technology to improve life in cities," states Sidewalk Labs CEO and Intersection chairman Dan Doctoroff. "As a leading data-driven, connected neighborhood, Hudson Yards is the perfect fit for us. 10 Hudson Yards is not only a technologically advanced home, but Hudson Yards more broadly will give us the opportunity to work with Related, visitors, residents and businesses there to explore how creative use of data and technology can make it an even greater place to work, visit and live."

The former New York City Deputy Mayor for Economic Development—under Mayor Michael Bloomberg relates that the deal is also a little bit personal. "The effort to turn this neighborhood into an engine of growth for New York City has been a personal mission for me for 20 years and it is very exciting to see that dream becoming a reality," he says.

Related's founder and chairman Stephen M. Ross also acknowledges Doctoroff's past work to revive the West Side neighborhood. "Hudson Yards is the first New York City neighborhood to offer a true 21st century experience to New York's residents and employees, and is an ideal location for Intersection and Sidewalk Labs to design innovations that will make other cities more resilient and efficient," he states. "It's also somewhat of a homecoming to have Dan and his team at Hudson Yards, since this new neighborhood would not have been possible without his foresight and dedication. After all, he even named the new neighborhood Hudson Yards."

Construction on 10 Hudson Yards began in December 2012 and the building was topped out in October 2015. Construction is underway on 30 Hudson Yards and 55 Hudson Yards, the two additional office towers being developed. Time Warner, KKR and Wells Fargo Securities will occupy space at the 2.6-million-square-foot tower at 30 Hudson Yards.

Leasing is ongoing at 55 Hudson Yards with Boies, Schiller & Flexner already committed to the 51-story tower. Foundation work on the site's first residential building, 15 Hudson Yards, is nearing completion and sales are expected to begin later this year on the 960,000-square-foot tower's residences. Foundation work is also underway on the site's 1.1-million-square-foot mixed-use tower, 35 Hudson Yards, which will house 137 for-sale residences, a 200-room Equinox-branded luxury hotel, a 60,000-square-foot Equinox fitness club and spa, office space and ground floor retail space.