The 72-story high-rise climbing at 70 Hudson Yards has finished assembling a capital stack of $2.45 billion with the final component of debt financing settled on Jan. 5, 2025, paving the way for this tower to be the first ground-up mega office high-rise to break ground since the pandemic to mark the biggest corporate headquarters relocation move in years.

Developed by Related Companies and Oxford Properties Group, the building will house the future United States headquarters of Deloitte, which has signed on to occupy more than 800,000 square feet of space in the 1.4 million square-foot tower.

Loans

At the heart of the funding is a $1.6 billion construction loan arranged by Wells Fargo, Bank of America, and Standard Chartered, with further institutional equity to complete the capitalization structure for the project.

Construction has already started at the site at Hudson Boulevard and West 35th Street. The foundation construction of the project is nearing completion, with vertical construction set to begin in early 2026. The initial tenant occupancy of the project is slated for late 2028.

However, scale and timeliness put it firmly at the forefront of the changing New York office market, with tenant demand now favoring newer transit-friendly buildings with an emphasis on ancillary space rather than legacy Midtown assets. The upper level of leasing is expected to start in 2026.

70 Hudson Yards is the latest component of the development of the Hudson Yards district, which has grown up as the most successful commercial growth district within Manhattan over the past ten years.

End of the capital stack

The closing marks the end of the capital stack at a time when office vacancies in the city have started to tighten, especially in newly completed Class A buildings, indicating the readiness of both the tenant and lender markets to finance large office buildings in the city.

It is also ‘more than a project’ in the sense that it is the harbinger for the renewal of what might be described as the billion-dollar new office tower market in the borough of Manhattan.

Major urban development continues to reshape skylines across the U.S. In Atlanta, Forge Atlanta recently secured a 10-acre downtown site for the city’s largest mixed-use development, combining residential, hotel, and retail space. Projects like Forge Atlanta and 70 Hudson Yards reflect a growing wave of large-scale investments in urban cores, signaling renewed confidence in major U.S. cities as hubs for business, residential life, and commercial activity.

Project Factsheet: 70 Hudson Yards

Project Overview

70 Hudson Yards is a 72-story, 1.4 million square foot Class-A commercial office tower under construction in Manhattan’s Hudson Yards neighborhood. The development represents the first major ground-up office building launched in Manhattan since 2020.

Location

Address: Hudson Boulevard and 35th Street, New York City

Neighborhood: Hudson Yards, Manhattan’s West Side

Developers:

Related Companies

Oxford Properties Group

Anchor Tenant:

Deloitte (US Headquarters) – over 800,000 square feet

Design Team:

Architecture: Gensler and Roger Ferris + Partners

Lobby Interiors: INC (luxury hospitality designer)

Financial Structure

Total Capitalization: US$2.45 billion

Construction Loan: US$1.6 billion (largest in New York since 2020)

Lead Lenders: Wells Fargo, Bank of America, Standard Chartered

Additional funding from institutional equity investors

Building Specifications

Size & Configuration:

72 stories

1.4 million square feet total

Expansive, hyper-efficient floorplates

550,000 square feet of premium space at uppermost levels

Design Features:

Warm copper articulated metal façade

Sandstone and limestone entry

Indoor/outdoor workspace with large terraces

Uninterrupted views of Hudson River and city skyline

Ground-floor retail and restaurant space

Amenities

Full amenity floor with private dining room

Event space for 200+ guests

Private outdoor terraces (upper levels)

Separate lobby experiences for different tenant zones

Exclusive club floor for premium tenants

Neighborhood Access:

Direct access to Bella Abzug Park

Direct access to 7 train subway line

Proximity to Hudson Yards shopping and dining

Equinox Hotel and Spa, flagship Equinox Club

The Health Center at Hudson Yards

Vivvi Early Learning (priority enrollment)

Project Timeline

Groundbreaking: July 2025

Vertical Construction Start: Early 2026

Anticipated Completion: Late 2028

Leasing Launch (Premium Levels): 2026

70 Hudson Yards: Market Significance

Largest tenant relocation in New York City since 2020 (Deloitte lease)

Largest construction loan in New York since 2020

First major Manhattan ground-up office development launched since 2020

Construction commenced prior to full pre-leasing, demonstrating developer conviction

Available Space

550,000 square feet of dedicated premium space at uppermost levels featuring:

Private outdoor terraces

Separate lobby entrance on 35th Street

Entire floor of exclusive club amenities