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Mitsui Fudosan to Participate in Manhattan’s Largest Redevelopment Project
Valued at Over ¥400 Billion
Move Ahead on 50 Hudson Yards Development Project
September 1, 2017
Mitsui Fudosan Co., Ltd.
Key Points of the Project
- Development of an office building within Hudson Yards, Manhattan’s largest-scale mixed use development project ever
- One of the largest stand-alone office buildings ever to be built in Manhattan.
- This development is to be a flagship property in Mitsui Fudosan’s global portfolio, following Mitsui Fudosan’s 55 Hudson Yards project already underway in Hudson Yards.
Perspective drawing of 50 Hudson Yards
Tokyo, Japan, September 1, 2017 - Mitsui Fudosan Co., Ltd, a leading global real estate company headquartered in Tokyo, announced today that through its U.S. subsidiary Mitsui Fudosan America, Inc. (CEO: John Westerfield), it has decided to move forward with 50 Hudson Yards, a New York office building development project. This project is an office building within Hudson Yards, Manhattan’s largest-ever mixed-use development, with a total floor area of approx. 2,793,000 ft2 (approx. 260,000 m2), placing 50 Hudson Yards also among the largest standalone office building developments in Manhattan. The total project value exceeds ¥400 billion (at a rate of $1=¥112), of which Mitsui Fudosan’s share is about 90%. Completion is scheduled for 2022.
Hudson Yards is located on Manhattan’s Midtown west side, which has undergone remarkable changes in recent years. It is a large-scale redevelopment project on a development site with a total of approx. 11 hectares. It will encompass five office buildings, which will be occupied by tenants including the headquarters of Coach, Inc., L’Oreal USA, SAP, KKR,Boston Consulting Group and Time Warner Inc., retail facilities boasting Manhattan’s first Neiman Marcus store, high-rise condominiums, a luxury hotel, cultural properties and a school. Adjacent to the development, the 1.6 hectare Hudson Park and Boulevard is scheduled to open, and the already completed High Line, a greenway built on an abandoned elevated freight line, is also planned to offer direct access. The Hudson Yards development is led by Related Companies (“Related”), one of the biggest developers in the U.S., and by the Oxford Properties Group (“Oxford”), the real estate investment and development arm of one of Canada’s largest institutional investors.
Housing mainly office space, 50 Hudson Yards will have 58 floors above ground and 3 below, and a total floor area of 2,793,000 ft2 (approx. 260,000 m2). It is located with direct access to the nearest subway station, with a park on the building’s entrance side. This state-of-the-art office building will feature the large floor plates preferred by a wide range of tenants, several dedicated lobby areas envisaged to address the needs of large-scale tenants using the building for their headquarters, high environmental performance subject to LEED certification, as well as other appealing features including a port-cochere, rare for Manhattan, and a parking garage
The world’s largest investment management company, BlackRock will locate its headquarters at 50 Hudson Yards and serve as one of the development’s anchor tenants.
At 55 Hudson Yards, another development project in the Hudson Yards area currently being carried out together with Related and Oxford, tenant leasing activities are progressing extremely well, with about 80% of tenants already committed. 55 Hudson Yards is scheduled for completion in 2018.
As with 55 Hudson Yards, The Mitsui Fudosan Group regards 50 Hudson Yards as a flagship building that will be at the core of its portfolio for future overseas business. In addition to offering an opportunity to expand the company’s overseas operations, the project will utilize the expertise accumulated though the mixed-use urban development and neighborhood creation projects Mitsui Fudosan has undertaken in Japan to add further value to the Hudson Yards project.
The Mitsui Fudosan Group's Overseas Strategy
The Mitsui Fudosan Group has positioned overseas business as one of its growth areas and is engaged in projects Western countries such as the U.S. and UK and elsewhere in Europe, as well as in China, Taiwan and Southeast Asia.
In the U.S., Mitsui Fudosan is developing housing and other multi-use projects, and aims to capture even more new business opportunities going forward.
Perspective drawing of Hudson Yards seen from the Hudson River side
Property Overview
| Property Name |
50 Hudson Yards |
| Location |
50 Hudson Yards, New York, NY |
| Structure |
58 floors above ground and 3 below |
| Site Area |
Approx. 69,000 ft2 (approx. 6,400 m2) |
| Total Floor Area |
Approx. 2,793,000 ft2 (approx. 260,000 m2) |
| Purpose |
Offices |
| Architect |
Foster+Partners |
| Builder |
Hudson Yards Construction |
| Schedule |
Construction from 2017 (planned)
Completion in 2022 (planned) |
Hudson Yards Overview
Hudson Yards is situated for highly convenient access to public transportation. The No. 7 subway line linking Times Square and Grand Central Station has opened, and Penn Station, the departure point for long-distance trains as well as the Long Island Rail Road and New Jersey Transit commuter services, is within walking distance.
Plans for the development include five state-of-the-art office buildings, more than 100 stores, restaurants, about 4,000 residences, unique cultural properties, approx. six hectares of public open space, a public school, and a luxury hotel with more than 200 rooms. Hudson Yards is a rare example of a central city development plan that features ample greenery and space for relaxation.
Click map to enlarge
HUDSON YARDS NEW YORK: http://www.hudsonyardsnewyork.com/
Maps
Detailed map
Click map to enlarge
Business Development in the U.S.
55 Hudson Yards
| Location |
55 Hudson Yards, New York, NY |
| Completion |
2018 (planned) |
| Site Area |
Approx. 40,000 ft2 (approx. 3,700 m2) |
| Total Floor Area |
1,265,700 ft2 (approx. 117,600 m2) |
| Floors |
51 above ground and 2 below with 1 penthouse floor |
| Purpose |
Offices and commercial facilities |
| Outline |
Mitsui Fudosan developed with joint developer from 2015 |
527 Madison Avenue
| Location |
527 Madison Avenue, New York, NY |
| Completion |
1986 |
| Site area |
11,650 ft2 (approx. 1,100 m2) |
| Gross floor area |
209,604 ft2 (approx. 19,500 m2) |
| No. of floors |
26 floors above ground,
1 floor below ground |
| Main application |
Offices and commercial facilities |
| Outline |
Acquired 2008 |
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1251 Avenue of the Americas
| Location |
1251 Avenue of the Americas, New York, NY |
| Completion |
1970 |
| Site Area |
99,359 ft2 (approx. 9,230 m2) |
| Total Floor Area |
2,317,635 ft2 (approx. 215,310 m2) |
| Floors |
54 above ground and 4 below |
| Purpose |
Offices and commercial facilities |
| Outline |
Acquired in 1986 |
Waterfront Corporate Center III
| Location |
221 River Street, Hoboken, NJ 07030 |
| Completion |
2015 |
| Site Area |
Approx. 54,000 ft2 (approx. 5,000 m2) |
| Total Floor Area |
Approx. 578,000 ft2 (approx. 54,000 m2) |
| Floors |
14 above ground and 1 below |
| Purpose |
Offices |
| Overview |
Acquired 2016 |
1200 17th Street
| Location |
1200 17th Street NW, Washington DC |
| Completion |
September 2014 |
| Site Area |
17,013 ft2 (approx. 1,580 m2) |
| Total Floor Area |
233,132 ft2 (approx. 21,660 m2) |
| Floors |
11 above ground and 2 below |
| Purpose |
Offices and commercial facilities |
| Outline |
Mitsui Fudosan developed with joint developer from 2012 |
Homer Building
| Location |
601 13th Street NW, Washington DC |
| Completion |
1913 |
| Site Area |
43,318 ft2 (approx. 4,020 m2) |
| Total Floor Area |
491,913 ft2 (approx. 45,600 m2) |
| Floors |
12 above ground and 5 below |
| Purpose |
Offices, commercial facilities and parking |
| Outline |
Acquired in 2012 |
270 Brannan Street
| Location |
270 Brannan Street, San Francisco, CA |
| Completion |
2016 |
| Site area |
37,813 ft2 (approx. 3,500 m2) |
| Gross floor area |
213,302 ft2 (approx. 19,800 m2) |
| No. of floors |
North wing 7 floors, South wing 5 floors |
| Main application |
Offices and commercial facilities |
| Outline |
Mitsui Fudosan developed with joint developer from 2014 |
Residential Housing Projects
525 West 52nd Street
| Location |
525 West 52nd Street, New York, NY |
| Completion |
May 2017 |
| Site Area |
38,100 ft2 (approx. 3,500 m2) |
| Total Floor Area |
444,800 ft2 (approx. 41,300 m2) |
| Floors |
North Wing 22 floors, South Wing 14 floors, 1 floor below ground |
| Purpose |
Rental housing (392 units) |
| Outline |
Mitsui Fudosan developed with joint developer from 2015 |
160 Madison Avenue
| Location |
160 Madison Avenue, New York,NY |
| Completion |
September 2015 |
| Site Area |
21,500 ft2 (approx. 2,000 m2) |
| Total Floor Area |
312,400 ft2 (approx. 29,000 m2) |
| Floors |
42 above ground and 1 below |
| Purpose |
Rental housing (318 units) |
| Outline |
Mitsui Fudosan developed with joint developer from 2013 |
4000 North Fairfax Drive (tentative name)
| Location |
4000 North Fairfax Drive, Arlington County, VA |
| Completion |
2020 (planned) |
| Site Area |
26,000 ft2 (approx. 2,400 m2) |
| Total Floor Area |
450,000 ft2 (approx. 42,000 m2) |
| Floors |
22 above ground and 5 below |
| Purpose |
Rental housing (approx. 330 units (planned)) |
| Overview |
Mitsui Fudosan developed with joint developer from 2017 |
O&M
| Location |
650 Indiana Street, San Francisco, CA |
| Completion |
August 2017 |
| Site Area |
26,300 ft2 (approx. 2,400 m2) |
| Total Floor Area |
100,600 ft2 (approx. 9,300 m2) |
| Floors |
5 above ground and 1 below |
| Purpose |
Rental housing (116 units) |
| Outline |
Mitsui Fudosan developed with joint developer from 2015 |
West Edge Tower
| Location |
1430 2nd Avenue, Seattle, WA |
| Completion |
2018 (planned) |
| Site Area |
19,062 ft2 (approx. 1,770 m2) |
| Total Floor Area |
Approx. 548,000 ft2 (approx. 50,900 m2) |
| Floors |
39 above ground and 5 below |
| Purpose |
Rental housing (340 units) |
| Outline |
Mitsui Fudosan developed with joint developer from 2015 |
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