Tishman Speyer Acquires the Rights to Develop 2.85 Million Square Foot Tower in Manhattan's Hudson Yards District

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Apr 30, 2014, 07:00 ET

NEW YORK, April 30, 2014 /PRNewswire/ -- Tishman Speyer, one of the world's leading developers, owners, operators and asset managers of first-class real estate, today announced the acquisition of adjacent, undeveloped parcels in the burgeoning Hudson Yards district of Midtown Manhattan.

The assembled development site, which was acquired in separate transactions, consists of a full block stretching from West 34^th to West 35^th Streets and from 10^th Avenue to the to-be developed Hudson Park and Boulevard.

The assemblage, along with the ability to purchase additional development rights that are available to Hudson Yards district developers, offers Tishman Speyer the rare opportunity to develop and construct a 2.85 million square foot tower in the heart of Manhattan's expanded west side neighborhood and business district. While the new development could include a wide range of uses, the site's location and configuration are ideally suited to support a mix of offices and street-level retail.

"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," said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. "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."

Rezoned in 2005, the Hudson Yards district, bounded by West 42nd Street, Eighth Avenue, West 30th Street and Hudson River Park, allows for 26 million square feet of office space, 20,000 units of new housing, 2 million square feet of retail space and 3 million square feet of hotels. In addition, the neighborhood will be bolstered by the soon-to-be-completed extension of the number 7 subway line, a new Hudson Park and Boulevard and completion of the final phase of the High Line elevated park.

Financial terms were not disclosed.

About Tishman Speyer (www.tishmanspeyer.com)

Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across North America, Europe, South America and Asia, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. As of December 31, 2013, the firm had acquired, developed and/or managed a portfolio of approximately 129 million sq. ft. with a total value of approximately USD $66.2 billion since its founding in 1978. Signature assets include New York's Rockefeller Center and the Chrysler Center, Sao Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and OpernTurm in Frankfurt. Tishman Speyer also has projects at different stages of development currently in Brasília, Chengdu, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de Janeiro, San Francisco, Sao Paulo, Shanghai, Suzhou and Tianjin.