Hudson Yards

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Related Companies Secures Trio of Lease Deals at Hudson Yards

| Commercial Real Estate News, Deals, Featured, Leasing, Office| Views: 0

Despite last year’s setback (when Meta announced it would not renew its leases at several Related Companies-owned properties), the real estate developer recently closed on a string of lease deals totaling roughly 77,000 square feet of prime Manhattan office space at 50 and 55 Hudson Yards. The new tenants include financial planner J.F. Lehman & Company; international law firm Milbank; and global insurance provider Liberty Mutual.

The largest agreement was for 29,000 square feet of space on the 23rd floor of 55 Hudson Yards as J.F. Lehman aims to move into Vista’s former offices. Newmark’s Brian Goldman and Matthew Lorberbaum represented the tenant, while Stephen Winter and Elliot Karp handled the deal in-house for Related. The asking price remains undisclosed, but the average asking rent for the neighborhood was $128.84 per square foot in the first quarter of 2023, according to a report from Colliers. Like many other companies, J.F. Lehman’s decision to move into the 51-story building was influenced by the post-pandemic flight to quality trend.

Meanwhile, Milbank — which has occupied nine floors at 55 Hudson Yards since 2016 — decided to expand its original deal by another 28,000 square feet to occupy the entire 29th floor. The addition brings the law firm’s total footprint at the property to 315,000 square feet, and the Related building is now fully leased. Cushman & Wakefield’s Dale Schlather and Greg Herman negotiated on behalf of Milbank.

Finally, following negotiations led by Cresa’s Michael McKenna and Maureen Young, Liberty Mutual took 20,000 square feet on the 65th floor of 50 Hudson Yards. The insurance company is set to join a tenant roster that includes the likes of BlackRock, Truist Financial and Point72 Asset Management.

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