|
Getting your Trinity Audio player ready...
|
By: Serach Nissim
Two major deals were just inked for space to be leased at Related Company’s Hudson Yards complex. The new deals shows strength in the newer neighborhood, as well as an overall preference for newer buildings— even compared to highly-regarded older buildings.
As reported by the NY Post, 30 Hudson Yards, the supertall skyscraper, which is 1,296 feet tall, shared promising news. The 2.6 million square-foot building, located at the intersection of 33rd Street and 10th Avenue near Hell’s Kitchen, was able to swiftly fill the vacating space at the office tower. Warner Bros. Discovery (WBD), the building’s largest tenant, boasting 1.4 million square feet at the tower (including floors 16 through 51), has been consolidating operations since the merger between AT&T’s Warner Media and Discovery in 2022. The consolidation freed up some 310,000 square feet at the tower.
Per the Post, law firm Covington & Burling swiftly swept in to sign a sublease for 235,479 square feet at the tower. It currently occupies 200,000 square feet at 620 Eighth Ave., the New York Times Building, which it will move out of next year. The move will be an expansion for Covington & Burling. Also, Susquehanna International Group (SIG), a proprietary trading firm, subleased the remaining 73,735 square feet. The privately held global trading and technology firm will be moving from 140 Broadway in downtown Manhattan. Both new subleases from WBD will eventually convert to direct leases with Related.
WBD worked with CBRE brokers Robert Alexander, Anthony Manginelli, Taylor Callaghan and Ryan Alexander. Covington was represented in the deal by Savills’ brokers Matthew Barlow and Steve Barker. SIG was repped by Newmark’s Brian Goldman, Ross Perlman and Matthew Lorberbaum.
Covington and SIG did not comment as to why they chose to move into the Hudson Yards tower. Related and the brokers involved also did not comment on the newly signed lease deals.
The Post suggested that the age of the buildings may have played a part. The 73-story building at 30 Hudson Yards was opened in 2019. Meanwhile, the Times tower opened in 2007 and 140 Broadway opened back in 1967. Sources for the Post also divulged that Related plans to redesign the tower’s ground-floor lobby, sky lobby and amenities — and plans to add a high-floor outdoor terrace which wasn’t previously being used.
Other corporate tenants at 30 Hudson Yards include KKR, Wells Fargo and Related’s own headquarters. WBD still has the largest presence at the tower, including five floors for CNN, spanning a total of 300,000 square feet.
