Related Group Secures $1.4 Billion Loan for 30 Hudson Yards Office Tower
Related Group, the landlord of 30 Hudson Yards, secures a $1.4 billion loan from Deutsche Bank, Goldman Sachs, and Wells Fargo.
Related Group, the Miami-based real estate firm, has secured a $1.4 billion loan from Deutsche Bank, Goldman Sachs, and Wells Fargo to refinance 30 Hudson Yards, a 2.6 million square foot office tower in Manhattan. The building, which is currently 98% leased, is one of the tallest in New York City and is home to a number of high-profile tenants, including WarnerMedia, Wells Fargo, and KKR.
The loan, which was arranged by Rob Rubano, Steve Kohn, and Alex Hernandez of Cushman & Wakefield, will help Related Group to take advantage of the strong demand for office space in the Hudson Yards area. The neighborhood has become a hub for technology, media, and finance companies in recent years, with firms like Amazon, Google, and BlackRock all opening offices in the area.
The loan is the latest in a series of high-profile deals for Related Group, which has been one of the most active developers in the Hudson Yards area. The firm is currently developing several other projects in the neighborhood, including the 35 Hudson Yards residential tower and the 500 West 25th Street office building.
The lenders in the deal, Deutsche Bank, Goldman Sachs, and Wells Fargo, are all major players in the commercial real estate lending market. Deutsche Bank has been particularly active in the New York City market in recent years, providing financing for a number of high-profile projects, including the St. Regis Hotel and the Waldorf Astoria. Goldman Sachs and Wells Fargo are also major players in the market, with both firms providing financing for a wide range of commercial real estate projects.
Overall, the loan for 30 Hudson Yards is a sign of the continued strength of the New York City commercial real estate market, particularly in the Hudson Yards area. With demand for office space remaining strong and developers continuing to invest in the area, it seems likely that the market will remain robust for the foreseeable future.