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Related lands windfall at Hudson Yards

30 Hudson Yards (L) and 10 Hudson Yards (R) (Credit: KPF)

Related Companies, Oxford Properties, and Mitsui Fudosan America have secured a $1.245 billion non-recourse loan from Wells Fargo, Deutsche Bank, and Morgan Stanley for 55 Hudson Years, TRD first reported. The recently opened 2.4 million SF office tower serves as collateral on the CMBS deal. The fixed rate, interest only loan has a term of ten years as revealed by the Kroll Bond Rating Agency.

Facebook’s lease terms at two of the Hudson Yards buildings were also revealed: 

  • Deal for 1.2 million square feet at 50 Hudson Yards has a base rent of $130 per square foot. 
  • Deal for 57,000 square feet at 55 Hudson Yards has a base rent of $116 per square foot.

Heard on the Street: Kroll Bond Rating Agency: “Loan proceeds will be used to recapitalize the borrowing entity, fund a $48.2 million reserve for outstanding landlord obligations for tenant improvements, and pay leasing commissions. It will also return approximately $1.1 billion of equity to the sponsors.” The building now boasts a 97.3% occupancy rate.

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