Global Investment Firm To Purchase Over 300,000 Square Feet At
Flagship 30 Hudson Yards Tower
NEW YORK–(BUSINESS WIRE)–
KKR & Co. L.P. (NYSE:KKR), a leading global investment
firm, today announced it is purchasing approximately 343,000 square
feet, the top ten office floors, at 30 Hudson Yards and relocating its
corporate offices to the flagship office tower in 2020. 30 Hudson Yards
is being developed by Related Companies and Oxford Properties Group.
Henry Kravis, Co-Founder and Co-CEO of KKR, said: “This is a unique
opportunity to partner with world-class developers to create a new
office to house KKR’s New York team and host our clients. This move will
allow our teams to work together in a dynamic setting that promotes
innovation and forward thinking. Related and Oxford are creating a
tremendous amount of energy at Hudson Yards, and KKR is pleased to be a
part of it.”
“Having one of the most prominent and forward thinking global investment
firms in the world invest in and relocate to Hudson Yards is a testament
to the vision and success of the new neighborhood and commercial
district emerging on Manhattan’s West Side,” said Related Companies
Chairman Stephen M. Ross. “Hudson Yards has already attracted global
leaders in media, fashion, beauty, tech, law and finance, and the
current interest in our commercial office towers continues to far
outpace our current availability.”
Blake Hutcheson, CEO of Oxford Properties Group, said, “We are very
pleased that KKR has chosen to relocate to 30 Hudson Yards. There is
continued excitement for this project across New York City and around
the world, and we are confident that this announcement will only add to
the momentum. This is a win/win situation.”
Designed by Bill Pedersen of Kohn Pedersen Fox, the LEED Gold 90-story
tower will stand 1,296 feet tall and offer state-of-the-art commercial
office space for KKR employees and clients, including corporate amenity
spaces, a private elevator bank to a sky lobby, river-to river panoramic
views, a planned outdoor terrace, as well as direct access to premier
retail shops, restaurants and the city’s highest outdoor observation
deck and top floor restaurant and event space. KKR will be on the top
floors of the building’s upper office block. A triple-height ground
floor lobby offers entrances off of Tenth Avenue and Hudson Boulevard,
and direct access to the new No. 7 subway extension.
KKR is the second commercial office tenant to invest in and plan a move
to 30 Hudson Yards. In January 2014, Time Warner Inc. acquired
approximately 1.5 million square feet of space in the building for its
5,000-plus employees, consolidating HBO, CNN, Turner Broadcasting, and
the Warner Brothers divisions as well as Time Warner Inc. corporate
offices under one roof for the first time.
KKR is the seventh corporate office tenant to announce plans to move to
Hudson Yards. Earlier this summer, litigation powerhouse Boies Shiller &
Flexner announced it will move its New York City offices to 55 Hudson
Yards. Coach Inc. has purchased over 600,000 square feet of space in 10
Hudson Yards, L’Oreal USA, German software engineering firm SAP and
social media-first digital agency VaynerMedia announced their plans to
locate at 10 Hudson Yards when the building opens in early 2016.
Hudson Yards is the largest private real estate development in the
nation’s history. It is anticipated that more than 24 million people
will visit Hudson Yards every year. The 28-acre site is being developed
by Related Companies and Oxford Properties Group and will include 17
million square feet of commercial and residential space, more than 100
shops and restaurants, including New York City’s first Neiman Marcus and
a signature restaurant by Thomas Keller, approximately 5,000 residences,
a unique cultural space, 14-acres of public open space, a new 750-seat
public school and a 200-room Equinox® branded luxury hotel–
all offering unparalleled amenities for residents, employees and guests.
30 Hudson Yards is expected to be complete in 2019. Related and Oxford
were represented by Robert Alexander of CBRE and Stephen Winter of
Related. For more information on Hudson Yards, please visit hudsonyardsnewyork.com.
About KKR
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners’ capital and brings opportunities to others through its capital
markets business. References to KKR’s investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com
or on Twitter @KKR_Co.
About Related Companies
Related Companies is the most prominent privately-owned real estate firm
in the United States. Formed over 40 years ago, Related is a
fully-integrated, highly diversified industry leader with experience in
virtually every aspect of development, acquisitions, management,
finance, marketing and sales. Headquartered in New York City, Related
has offices and major developments in Boston, Chicago, Los Angeles, San
Francisco, South Florida, Washington, D.C., Abu Dhabi, London, São Paulo
and Shanghai and boasts a team of approximately 3,000 professionals. The
Company’s existing portfolio of real estate assets, valued at over $20
billion, is made up of best-in-class mixed-use, residential, retail,
office and affordable properties in premier high-barrier-to-entry
markets. Related has developed preeminent mixed-use projects such as
Time Warner Center in New York and CityPlace in West Palm Beach and is
currently developing the 28-acre Hudson Yards project on Manhattan’s
West Side. Related also manages approximately $3 billion of equity
capital on behalf of sovereign wealth funds, public pension plans,
multi-managers, endowments, and family offices. For more information
about Related Companies please visit www.related.com.
About Oxford Properties Group
Oxford Properties Group is a global platform for real estate investment,
development and management, with over 1,700 employees and over $34
billion of real assets that it manages for itself and on behalf of its
co-owners and investment partners. Established in 1960, Oxford has
regional offices in Toronto, London and New York, and the company’s
portfolio includes approximately 56 million square feet of office,
retail, industrial, multi-family and hotel properties. Oxford is the
real estate arm of the OMERS Worldwide Group of Companies. For more
information, please visit www.oxfordproperties.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151029005269/en/
Media:
KKR
Kristi Huller, 212.230.9722
Director
of Communications, Americas
Kristi.Huller@kkr.com
or
Related
Joanna
Rose, 212.801.3902
SVP, Corporate Communications and Public Affairs
Jrose@related.com
Source: KKR & Co. L.P.