Hudson Yards, a new redevelopment zone near the Hudson River and the biggest private real estate development in United States history, aims to expand the Midtown Manhattan business district westward. Hudson Yards is growing five times as fast as the other neighborhoods in Manhattan, and its cutting-edge character is attracting creative professionals.
Hudson Yards already houses many impressive companies in a wide range of industries, and many have signed leases to move to the neighborhood in the past year. Current Hudson Yards office space tenants include prominent media, law, technology, consulting, and financial firms such as Time Warner, HBO, Boston Consulting Group, BCG Digital, Coach, Wells Fargo Securities, Sidewalk Labs, DNB Bank, and Blackrock.
Though a variety of industries are represented in Hudson Yards, the majority of the neighborhood’s tenants are law firms and boutique financial services firms. Office space leases have recently been signed by Cooley, Boies Schiller & Flexner, Stonepeak Infrastructure Partners, and Point72 Asset Management.
What Our Brokers Say About Hudson Yards Office Space for Lease
“In a place where dreams and ambitions are limitless, land is not,” New York Department of City Planning wrote. “There is one last frontier available in Manhattan—Hudson Yards.” Hudson Yards, a 28-acre mixed-use development. Phase one of the development focuses on Eastern Yard, which includes eight new buildings, public gardens, and a shopping mall. Phase two of the development will focus on Western Yards, which is expected to include more office and residential buildings as well as a school. In total, Hudson Yards will include 16 skyscrapers, a 750,000 square foot retail center, a school, and 5,000 brand new residences. The neighborhood is expected to generate approximately $19 billion dollars per year and attract around 65,000 daily visitors.
Architectural firm Elkus Manfredi designed a 720,000 square foot shopping experience that will greatly influence fashion in New York City and dazzle shoppers from all around the world. It will house NYC’s first Neiman Marcus as well as other brands such as Banana Republic, The Body Shop, H&M, NYX, Piaget, and Rolex.
Rest assured that Hudson Yards will leave space for the arts. In fact, The Shed, set to open its doors in spring 2019, will be NYC’s first multi-arts center. It will provide creative spaces for novices and feature numerous forms of art, including visual arts, performing arts, and pop culture commissioned from leading artists from around the world. Find The Shed between 15 Hudson Yards and the Public Square and Gardens.
Like many NYC neighborhoods, Hudson Yards features an iconic landmark. Thomas Heatherwick’s $150 million Vessel is difficult to describe. Climb one of the 154 interconnected staircases or take a look at the city on one of its 80 landings. Particularly ambitious explorers can venture onto every one of its 2,500 steps.
Public Square and Gardens lies at the heart of Hudson Yards and provides gardens and seating areas for residents and visitors. Those looking for more places to explore and more fantastic views of the city can check out the High Line, one-third of which lies within Hudson Yards. The High Line was an abandoned freight line but is now a plant-lined walking path above street level. Visitors can get some exercise, enjoy panoramic views of the Hudson River and admire public art projects such as murals, videos, and performances.
Hudson Yard locals have lots of choices when it comes to food. Hudson Yards will offer a globally-inspired dining experience curated by Chef Thomas Keller. The neighborhood will boast cuisines by some of the world’s greatest chefs such as David Chang, Jose Andres, and Costas Spiliadis. Get ready to sample Bouchon Bakery, D&D London, rhubarb, and Jack’s Stir Brew Coffee.
The neighborhood will also be home to convenient amenities that local employees can enjoy. For example, Hudson Yards will house the world’s largest Equinox club at 35 Hudson Yards, accompanied by an Equinox hotel. Hudson Yards also has two brand new fitness centers. Equinox Fitness recently opened its largest fitness club at 35 Hudson Yards. It has an outdoor pool, an indoor saltwater pool, a spa, Group Fitness classes, yoga studios, personal training, and cycling. In addition, Soulcycle is located at 35 Hudson Yards.
Hudson Yards Commercial Space For Lease | By the numbers
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Hudson Yards Office Space | Lease and Data Trends
Once Hudson Yards is finished, it will include high-rise commercial and mixed-use towers and more than 6 million square feet of office space.
Hudson Yards is located in Midtown Manhattan where on average, office space rents for just over $86 per square foot across all classes and just over $93 per square foot for Class A space. More specifically, Hudson Yards office space can lease for as much as $150-200 per square foot. However, the city of New York has attempted to make the development a more attractive option for companies looking to set up shop by offering a discretionary tax break, contingent upon the creation of a fixed number of jobs.
Companies are snatching up the available spaces—for example, Coach, L’Oreal, and SAP have already leased 85 percent of 10 Hudson Yards, a LEED Platinum office tower. Sidewalk Labs (a subsidiary of Alphabet, the multi-billion dollar parent company of Google) is also located in the 10 Hudson Yards complex. Last year, pharmaceutical giant Pfizer announced it would be moving into a 15-floor, 800,000 square foot office in The Spiral, a 65-story skyscraper in Hudson Yards being built by Tishman Speyer.
Getting Around: Transportation in Hudson Yards
Hudson Yards is located between 10th and 12th avenues from West 30th to West 34th Street (sometimes as far north as 40th street is considered part of the new business district). Nearby neighborhoods include Chelsea, Garment District, and Times Square.
Commuters and residents will have access to excellent public transportation, plenty of places to park, and covered bike paths.
The 34th Street—Hudson Yards station is served by the No. 7 subway, which connects passengers to other neighborhoods. Just two blocks away lies Penn Station, which is served by trains A, C, E, 1, and 3; Amtrak; New Jersey Transit; and PATH buses M4, M5, M6, M7, M34, and Q42.
Those who want to drive can find parking at 10 Hudson Yards, Abington House, and One Hudson Yards. The most convenient places to hail a Taxi are: by 10 Hudson Yards, 30 Hudson Yards, or 55 Hudson Yards. Cyclists can take the path along the West Side Highway north to south and use the CitiBike station at the corner of West 34th Street and 11th Avenue.
Hudson Yards locals who need to fly can use the AIr Pegasus Heliport at West 30th Street or opt for a larger airport and get a flight at JFK.
Top Commercial Properties For Lease In Hudson Yards
Though Hudson Yards properties are in high demand and filling up fast, there are some vacancies. Contact one of our experienced brokers to learn more about what properties are available that best suit your business needs. Squarefoot recommends the following office buildings in Hudson Yards:
330 West 34th Street: The J.C. Penney Company Building, located at 330 West 34th Street between 8th and 9th Avenue, has 18 floors and 637,000 square feet. It has a modernized lobby, three freight elevators, and a large outdoor patio. First constructed in 1925, 300 West 34th Street won the BOMA/NY 2015-16 Pinnacle Award for best renovated building. Current tenants include Home Advisors, Outcome Health, Braze, and Structure Tone. Right now, the J.C. Penney Company Building offers five large units for rent, ranging from 23,000 to 45,649 square feet in size. Contact SquareFoot for pricing or a tour. Get to 330 West 34th Street easily using Penn Station, conveniently located less than .1 mile away, or the 42nd Street—Times Square Station, less than .5 mile away. Chelsea Park and the High Line are close by as well.
424-438 West 33rd Street: 424-438 West 33rd Street offers more than 200,000 square feet of commercial space. Built in 1913, this property has been renovated with a new lobby, high-speed elevators, and state-of-the-art security systems. Currently, this building has one 100 square foot unit available for rent. Access this location using trains 1, 2, 3, 7, A, C, or E. Those working at 424-438 West 33rd Street will be just steps away from Frame gourmet catery, Skylight Diner, Lizette Restaurant, and Alpha Fusion.
447 West 36th Street: Built in 1910, 447 West 36th Street is a loft-style office building between 9th and 10th Avenues. Right now, one 2,200 square foot unit is available for rent. Contact us for pricing or a tour. The area has a Walk Score of 98 and provides easy access to transportation and food. Tenants can walk to the 34th Street—Hudson Yards Subway Station in less than five minutes. Access this property using trains 1, 2, 3, 7, A, C, or E. Nearby food options include Dunkin’ Donuts, Friedman’s, Clyde Fraziers Wine & Dine, and Zoob Zib Aura Thai, to name a few options.
Hudson Yards Neighborhood History
Hudson Yards was a rail yard in the 20th century. Developers, investors, and dreamers have all made different suggestions over the years regarding what to do with the space. For example, real estate developer William Zeckendorf proposed that the area give rise to the Freedom Tower, a structure designed to be the tallest building in the world.
Another very different suggestion for the space came in the 1980s when the Jets and the Yankees considered building new stadiums there. These projects were never realized. In the early 2000s, Hudson Yards was considered as the site of the 2012 Summer Olympics.
After these ideas failed to gain traction, private developers began submitting proposals for the area in 2008. After several proposals and bids fell through and again failed to gain traction, finally the Related Companies and Goldman Sachs began rezoning Hudson Yards, beginning with West Side Yard. On Dec. 4, 2012, builders broke ground for 10 Hudson Yards, the first building constructed on the new development. That same day, plans were made to build 30 Hudson Yards. In December 2014, developers broke ground for 15 Hudson Yards. 10 Hudson Yards officially opened on May 31, 2016.
When Hudson Yards is completed, it will be the largest private real estate development in United States history. It is home to 10 Hudson Yards, 15 Hudson Yards, 30 Hudson Yards, 35 Hudson Yards, 50 Hudson Yards, 55 Hudson Yards, The Shops & Restaurants at Hudson Yards, and the Public plaza. Once it is finished in 2020, Edge will be the highest observation deck in New York City at 1,000 feet high. Located near the top of 30 Hudson Yards, Edge will also include a 10,000 square foot restaurant where visitors can eat while they enjoy the best view in the city.