Tishman Speyer Properties, the famous real estate development company, has purchased a large plot of land in New York City for $438 million, which might host "Hudson Spire", the future tallest tower of the United States.
Tishman Speyer announced that it paid $238 million to the Rosenthai Family for the plot located at 435 10th Avenue. It paid a separate $200 million to Sherwood Equities for two parcels at West 35th Street and 10th Avenue and West 34th Street and Hudson Yards Boulevard, reports The Real Deal.
The parcel at 435 10th Avenue was marketed by Massey Knakal Realty Services. It was promoted as the site for the planned "Hudson Spire" building - a 108-story, 1.22-million-square-foot office tower, which would rise a little above One World Trade Center, the current tallest skyscraper in the country. It hit the sale block in January.
Late in April, Tishman Speyer announced that it hoped to purchase building rights to construct a massive 2.8-million -square-foot office tower in the area. It also announced that the tower would have retail space in it. However, there was no word on the "Hudson Spire" project.
This marks the most significant deal in the country for Tishman Speyer since the economic downturn. It was investing in foreign real estate since the market crash, reports The Wall Street Journal. But now that the market is looking up, the Hudson Yards project is the best asset to invest in.
"For several decades, Tishman Speyer has been one of the world's most active ground-up developers and investors, with projects currently being constructed or in the pipeline on four continents. We are very bullish on New York City and Hudson Yards, and found this to be the perfect time, development site and opportunity to participate in establishing Hudson Yards as the world's next great commercial district and neighborhood," Jerry Speyer and Rob Speyer, co-CEOs of Tishman Speyer said in a statement.
The Hudson Yards Development
The Hudson Yards Development project is the largest private real estate development in the history of America. The project will offer more than 17 million square feet of commercial and residential space. It will also include more than 20 restaurants, 100 shops, an exclusive cultural space, a public school, a luxury hotel and about 14 acres of open public space, according to Real Estate Weekly.
Brookfield Office Properties, the Related Companies, Extell Development Company, Alloy Development and the Moinian Group and some others will be a part of the development.
