Tishman Speyer has plans to commence construction this June on The Spiral, a 65-story office tower at 66 Hudson Blvd. in Manhattan, after securing the necessary financing and finalizing an 800,000-square-foot lease with Pfizer, a biopharmaceutical company.
As part of its 20-year lease agreement, Pfizer will relocate its global headquarters from 235 East 42nd St. to The Spiral, where it will occupy 15 full floors (7 through 21) plus portions of the lobby level upon completion of the 2.8 million-square-foot Hudson Yards tower in 2022.
In conjunction with the finalization of the Pfizer lease, Tishman Speyer has closed on a series of transactions securing all of the necessary financing for The Spiral. The $3.7 billion project will be financed with $1.9 billion in equity from Tishman Speyer and more than a dozen other institutional, pension fund and individual investors, as well as a $1.8 billion construction loan from Blackstone Mortgage Trust.
The Spiral will rise to 1,031 feet and feature a cascading series of landscaped terraces and hanging gardens as its signature element. The terraces will ascend, one per floor, in a spiraling motion to create a unique, continuous green pathway that wraps around the facade of the tower and supplies occupants with readily accessible outdoor space.
