Steven A. Cohen’s family office is in talks for 175,000 sf at the proposed office tower.
In the real estate world, active brokers are seeing a fundamental shift in geographic preferences before their eyes. The once coveted areas to live and work, such as Midtown, The Upper East, and The Upper West Side have taken a back seat and are now secondary to Midtown South (i.e. Chelsea, Flatiron, TriBeCa, SoHo, etc.) and Manhattan West. Though this shift didn’t happen overnight, the pace at which major tenants are deciding to move to these once tertiary neighborhoods is unprecedented. KKR is trading 9 West 57th Street, arguably the most recognizable address in the world, for 30 Hudson Yards- in a neighborhood that didn’t exist a couple of years ago and won’t be finalized for quite a bit of time. Coach, SAP and L’Oreal, all powerhouses in their respective industries, bought into the idea that Midtown West/Hudson Yards is the place where they should conduct their New York City operations for the long-term. Additionally, Boies, Schiller & Flexner, as well as Milbank, Tweed, Hadley & McCloy, both international law firms, will be trading their Midtown digs to potentially join Point 72 in the massive to-be-completed complex.
55 Hudson Yards
Though Point 72 is already accustomed to a newer vintage office building (they currently occupy numerous floors at 510 Madison Avenue, which was completed in 2010), 55 Hudson Yards will enable them to “create the kind of environment that employees and candidates would expect from the industry’s premier asset management firm”, said Douglas Haynes, the President of Point 72 in a prepared statement for the Commercial Observer. “With large, open, collaborative space, similar to our Stamford trading floor, we can foster better interaction among teams” he continued to add. He also suggested that “the modern, progressive space with premier retail, cultural events and urban green spaces” were all a part of the decision to move, as it will enable them to attract and keep talent.
55 Hudson, which is slated for completion in 2018, will be a fifty one story, glass and steel, 1,556,000 rentable square foot office tower. Boasting highly efficient center-core and column-free construction, the building is constructed to lay out extraordinarily well for both office intensive and collaborative floorplans. All floors will feature oversized windows, extra-high ceilings and the potential to create outdoor spaces. Pricing is anywhere between $90.00 and $150 per rentable square foot. Click here to contact us for more information or here for our free office space search.