Tishman Speyer's Spiral Now 75% Leased After Locking Down 3 New Tenants
There haven't been many winners of the 2023 office market, but new buildings like Tishman Speyer's The Spiral are piling up the notches in the victory column.
Tishman Speyer signed leases of more than 112K SF combined with three investment firms at its new tower in the Hudson Yards District. The largest is a 14-year deal with global asset manager Marshall Wace, which is taking 79K SF across the full 32nd floor and part of the 33rd floor, the landlord announced in a press release.
Bethesda, Maryland-based ProShares is taking 9K SF on the 28th floor at the 1,031-foot-tall building for its first office in the city. A third, unnamed firm, described as an “international investment management,” firm is leasing 24K SF on the 34th floor where it will relocate from elsewhere in the city next year.
The 2.8M SF BIG-Bjarke Ingels Group-designed building is now 75% leased, according to Tishman Speyer. Construction began in 2018 after it locked down $1.9B in equity and a $1.8B construction loan from Blackstone Mortgage Trust.
Other tenants in the property include Pfizer's global headquarters, with an 800K SF lease there, as well as Debevoise & Plimpton, which took 530K SF. AllianceBernstein has 189K SF in the property, and Turner Construction leased the entire 75K SF third floor of the property in 2021.
The base of the building at 66 Hudson Blvd. is set to feature a 75K SF outpatient spine center from NewYork-Presbyterian and an HSBC Wealth Center.
Marshall Wace plans to move from 350 Park Ave., according to the announcement, and will start building out its space in The Spiral later this year. It is unclear what Marshall Wace's plans are with its space at Vornado-owned 350 Park, where it signed a 38K SF renewal in 2021 in a deal that expires in 2032, according to a DBRS Morningstar report. The 567K SF of office space at 350 Park Ave. was 78.6% occupied at the end of 2022, according to a Vornado regulatory filing.
Leasing has been slow in New York City, with the overall availability rate at 17.8% in July, an all-time high, according to Colliers. But some big deals have been announced in the last few weeks, including Durst announcing that it signed Empire State Development to five full floors at its 655 Third Ave. office tower, one of the biggest deals for the year in Midtown.
Tishman Speyer was represented in-house by Greg Conen and Sam Brodsky in all three of the deals. Marshall Wace was represented by Newmark’s Andrew Sachs and Bill Levitsky, while ProShares was represented by Cynthia Wasserberger and Michael Pallas of JLL.
