Related and Oxford Properties Group have announced that L’Oréal USA (402,000 square feet) and the technology firm SAP (115,000 square feet, across the tower’s top four floors) have signed leases at the first office tower planned for the transformative, 26-acre, $15 billion Hudson Yards project on the far West Side.
With the handbag maker Coach already taking a 600,000-square-foot condominium interest, the yet-to-be-named, 1.7 million-square-foot South Office Tower – which is currently under construction at West 30th Street and Tenth Avenue thanks to nearly $1.4 billion in debt and equity financing – is now 80-percent filled.
In a press release, the new tenants praised the project’s potential to transform the way New Yorkers view the far West Side. “The Hudson Yards development is at the core of a pioneering new neighborhood and L’Oréal USA is proud to be part of it,” said Frédéric Rozé, President and CEO of L’Oréal USA. “In establishing a single flagship New York location, our only goal was to find the city’s most innovative development,” said SAP’s co-CEO, Bill McDermott.
“World-class office space like the towers Related and Oxford are building will help keep New York City competitive in the global economy,” echoed Mayor Bloomberg in the same release. “These commitments from leading corporations [such as] L’Oréal USA, SAP and Coach represent an important vote of confidence in our city’s future.”
The 950-foot, KPF-designed South Office Tower (pictured, left) 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. Again, 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.
The project – which will seek LEED Platinum from USGBC – 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.
The overall development of Hudson Yards will occur in two phases: Phase I, Eastern Rail Yard, from 10th to 11th Avenue between West 30th and West 33rd Streets; and Phase II, Western Rail Yard, from 11th to 12th Avenue between West 30th and West 33rd Streets. That second phase will break ground once tenants are secured. The first phase should be completed by 2017.