Hudson Yards' Most Expensive Building Is Close To Landing A Large Law Firm Tenant
One of the city’s most anticipated new office buildings is close to landing its second tenant.
Law firm Debevoise & Plimpton is planning on moving to 50 Hudson Yards, Crain’s York Business reports, where it would join investment firm BlackRock. The deal is for around 450K SF at the tower and is close to being signed. The company would move from its current location on Third Avenue in 2022, when construction is expected to wrap up.
Developed by Related and Oxford Property Group, 50 Hudson Yards will span 2.9M SF and cost around $3.8B. BlackRock signed up to move its headquarters there in 2017, paying around $1.3B in rental payments over 20 years, according to Crain’s. That same year, Mitsui Fudosan acquired a 90% stake in the building.
Debevoise & Plimpton is the latest of several major companies that have decided to move to the west side of Manhattan in recent years.
Time Warner is leaving the Time Warner Center to move to 30 Hudson Yards. Law firm Skadden Arps will leave 4 Times Square when its lease expires in 2020 to go to One Manhattan West. L’Oreal USA moved its staff to a new headquarters at Hudson Yards in 2016 after 60 years in Midtown. Pfizer will move into 800K SF at Tishman Speyer's The Spiral office tower from its longtime Midtown East home on 42nd Street.