Mori Trust Co. Ltd. has acquired a minority interest in mixed-use building, 35 Hudson Yards. Of the roughly 1.01 million square feet, the Tokyo-based firm now owns 490,128 square feet of it, which represents floors one through 38. This gives Mori about a 48.5 percent stake in the building.

The portion that Mori bought consists of office, retail and hospitality components. This includes the Equinox Hotel, a luxury offering that hosts 212 rooms and encompasses space from the 24th through 38th floors. Some amenities at the hotel include fitness space, a spa, pools and restaurants.

The deal represents Mori's second real estate investment in Manhattan and the 12th in all of the U.S. The other in the NYC borough includes 245 Park Avenue, a 1.78 million rentable square foot office property that the firm acquired 49.9 percent of from SL Green in 2023.

"Acquiring high-quality properties overseas, such as 35 Hudson Yards, contributes to the stability and sustainability of our asset portfolio and will drive further growth in the future," Miwako Date, president & CEO of Mori, said in a statement.

"Going forward, we will operate 35 Hudson Yards, an iconic building representing Manhattan, as an even more attractive property. As a member of the U.S. real estate market, we will continue to work to revitalize the market."

While economic uncertainty has been at the forefront of concern this year, New York's Tri-State commercial real estate market has seen no shortage of interest. The market, which includes Big Apple and parts of New Jersey and Connecticut, saw investment volume surge by 11 percent year-over-year to reach $8.8 billion in the second quarter, according to a recent report from CBRE.

Additionally, Mori operates a major office footprint in Boston, with 345,995 square feet at 15 Necco Street and 565,795 square feet at 10 St. James Avenue in its portfolio.

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