Transactions - SEPTEMBER 5, 2017

Japanese investor buys major stake in $3.6b Hudson Yards Tower

by Andrea Waitrovich

Japanese property developer Mitsui Fudosan Co. has plans to purchase a 90 percent stake in an office tower development located in Manhattan from Related Cos. and Oxford Properties Group.

The 58-story building, 50 Hudson Yards, is estimated to cost more than $3.6 billion. It is considered to be the largest overseas investment in a single building and will be one of the largest standalone office properties in the area, Mitsui Fudosan said in a statement.

The 985-foot building will total 2.79 million feet of office and retail space.

The project is expected to be completed in 2022.

The tower is part of the $20 billion Hudson Yards mixed-use project under development by Related Cos. and Oxford Properties Group. The project broke ground in 2012 and is being built over the working rail yards of the west side of Manhattan between 30th Street and 34th Street. The first building, 10 Hudson Yards, opened last year.

Mitsui Fudosan also owns a majority stake in 55 Hudson Yards, which it acquired for $259 million in late 2014. It is scheduled to reach completion in 2018. It will serve as BlackRock’s west side headquarters.

Other assets owned by Mitsui Fudosan include its headquarters at 1251 Sixth Ave., 527 Madison Ave., and 160 Madison Ave.

Forgot your username or password?