At a press conference held earlier this week, Mayor Bloomberg announced that the handbag maker Coach has agreed to purchase a 600,000-square-foot condominium interest in the first commercial office tower that will rise at the Related Companies’ 60-block, 300-acre Hudson Yards development on Manhattan’s West Side. The deal is for approximately one-third of the 51-story, KPF-designed tower, which will seek a LEED Platinum rating from USGBC. Construction on the building – located at the corner of West 30th Street and 10th Avenue, and renderings for which were also just released this week – is slated to begin in the middle of 2012 and be ready for Coach’s occupancy by 2015, when its current lease (for 225,00 square feet) at 450 West 33rd Street expires.
“Coach, Inc. under Lew Frankfort’s direction has a well-deserved reputation as a forward thinking and innovative brand and today’s announcement to locate Coach’s world headquarters at Hudson Yards only further reinforces that standing and paves the way for construction to begin next year,” Stephen M. Ross, chairman and CEO of Related Companies said. No further details about the deal were released in connection with the announcement. But KPF’s design – released simultaneously with renderings for a second tower just to the north along 10th Avenue – is much more angular than the usual corporate box and, from certain angles, suggests wisps of natural grass that acknowledge Hudson Yards’ overall commitment to green building practices.
Coach’s occupancy is for the lower portion of the 950-foot tall building, which will include an atrium at its base that incorporates a piece of the final section of the High Line- to be preserved as part of KPF’s master plan for the site. That plan calls for 5000 apartments in 9 residential buildings, 6 million square feet of commercial office space with 1 million square feet of retail, a 150-room, 5-star hotel, a 750-seat public school, and 20 acres of open public space. It also aims to make Hudson Yards “one of the most sustainable large-scale urban developments of its day, reflecting the new best thinking in high performance and environmentally sensitive design, construction, and operation.”
One of the primary drivers behind the Hudson Yards project, of course, is the extension of the No. 7 subway, a project which is slated for an on-time completion in 2013. The site itself is the single largest remaining parcel of undeveloped real estate in Manhattan and, when completed, will be the borough’s largest completed planned development since Rockefeller Center. We’ll have much more to say about Hudson Yards here at gbNYC as the project continues to pick up steam over the next few months.