NEW YORK--(BUSINESS WIRE)--Jul. 23, 2018-- Boston Properties (BXP), today announced an agreement to purchase a minority interest in and become the Managing Partner of a partnership with The Moinian Group to develop 3 Hudson Boulevard, a 2.0 million-square-foot, Class A office tower located on the entire square block between 11th Avenue and Hudson Boulevard Park from West 34th Street to West 35th Street.
Said John Powers, EVP of BXP, “3 Hudson Boulevard is clearly one of the most exciting large office sites in Manhattan and, with foundations in place, we expect it will be ready for vertical construction for an anchor tenant in the second quarter of 2019, with occupancy in the first half of 2023. The building, which will be 57 stories tall, sits just to the north of the massive Hudson Yards development, and will have some of the best light, views, green spaces and transportation options anywhere in the City.”
Said Joseph Moinian, Founder and CEO of the Moinian Group, “Boston Properties is one of the country’s pre-eminent developers with an outstanding track record in bringing landmark buildings to fruition, and we are delighted to partner with them on the crown jewel of our portfolio. BXP shares our commitment to tenant-landlord relationships and industry-leading building management making them a perfect partner on this important project. We fully expect 3 Hudson Boulevard will be one of the most desirable office addresses on the Far West Side for generations to come.”
Designed by the prominent architect Dan Kaplan FAIA, LEED, of FXCollaborative, 3 Hudson Boulevard will include 50K square-foot plates in the podium, 30K-37K square-foot, column-free floor plates in the tower office floors, 10-foot-high finished ceilings, and floor-to-ceiling windows. The tower’s architecture integrates the best practices of workplace design and efficiency, allowing tenants to densify operations while maintaining an open, flexible, light-filled environment. Additionally, a number of meticulously designed outdoor spaces have been incorporated into the building’s design, providing tenants with unprecedented views of the Far West Side in a private, outdoor setting that is prime for social and community gatherings.
JLL facilitated the capital transaction and will be the leasing agent for the newly formed project led by Peter Riguardi, Chairman and President of the New York Region.
About Boston Properties
Boston Properties is a fully integrated real estate company organized as a real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of primarily Class A office space totaling, at March 31, 2018, 50.3 million square feet and consisting of 167 office properties (including nine properties under construction), six residential properties (including four properties under construction), five retail properties and one hotel. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. For more information about Boston Properties, please visit the Company’s web site at www.bostonproperties.com.
About The Moinian Group
Founded by Joseph Moinian, The Moinian Group is one of the largest private developers in the U.S., with a portfolio exceeding 20 million square feet, including 4 million square feet along Manhattan’s 11th Avenue. The Moinian Group today owns and operates a diversified portfolio of assets across the United States and is among the only national real estate entities to develop, own and operate properties across every asset category, including office, hotel, retail, condos and rental apartments. The Moinian Group's holdings include high-profile assets in America's leading cities, including New York, Dallas and Los Angeles. For the past three decades, The Moinian Group has been a pioneer in the development of emerging areas of New York City such as Downtown and West Side of Manhattan, developing commercial, residential and mixed-use projects that combine luxury living, modern office space and high quality retail. The Moinian Group maintains a reputation for developing state-of-the-art, aesthetically distinguished properties as the firm continues to strive for excellence. More information on the Moinian Group and its portfolio can be found at www.moinian.com.
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Source: Boston Properties, Inc.
Boston Properties
Mike LaBelle, 617-236-3352
Executive Vice President, Chief Financial Officer