News Releases
2017

* Information contained in this news release is current as of its date of announcement. Be aware that information contained herein is subject to change without notice.

Mitsui Fudosan to Participate in Manhattan’s Largest Redevelopment Project Valued at Over ¥400 Billion
Move Ahead on 50 Hudson Yards Development Project

September 1, 2017
Mitsui Fudosan Co., Ltd.

Key Points of the Project

  • Development of an office building within Hudson Yards, Manhattan’s largest-scale mixed use development project ever
  • One of the largest stand-alone office buildings ever to be built in Manhattan.
  • This development is to be a flagship property in Mitsui Fudosan’s global portfolio, following Mitsui Fudosan’s 55 Hudson Yards project already underway in Hudson Yards.


Perspective drawing of 50 Hudson Yards

Tokyo, Japan, September 1, 2017 - Mitsui Fudosan Co., Ltd, a leading global real estate company headquartered in Tokyo, announced today that through its U.S. subsidiary Mitsui Fudosan America, Inc. (CEO: John Westerfield), it has decided to move forward with 50 Hudson Yards, a New York office building development project. This project is an office building within Hudson Yards, Manhattan’s largest-ever mixed-use development, with a total floor area of approx. 2,793,000 ft2 (approx. 260,000 m2), placing 50 Hudson Yards also among the largest standalone office building developments in Manhattan. The total project value exceeds ¥400 billion (at a rate of $1=¥112), of which Mitsui Fudosan’s share is about 90%. Completion is scheduled for 2022.

Hudson Yards is located on Manhattan’s Midtown west side, which has undergone remarkable changes in recent years. It is a large-scale redevelopment project on a development site with a total of approx. 11 hectares. It will encompass five office buildings, which will be occupied by tenants including the headquarters of Coach, Inc., L’Oreal USA, SAP, KKR,Boston Consulting Group and Time Warner Inc., retail facilities boasting Manhattan’s first Neiman Marcus store, high-rise condominiums, a luxury hotel, cultural properties and a school. Adjacent to the development, the 1.6 hectare Hudson Park and Boulevard is scheduled to open, and the already completed High Line, a greenway built on an abandoned elevated freight line, is also planned to offer direct access. The Hudson Yards development is led by Related Companies (“Related”), one of the biggest developers in the U.S., and by the Oxford Properties Group (“Oxford”), the real estate investment and development arm of one of Canada’s largest institutional investors.

Housing mainly office space, 50 Hudson Yards will have 58 floors above ground and 3 below, and a total floor area of 2,793,000 ft2 (approx. 260,000 m2). It is located with direct access to the nearest subway station, with a park on the building’s entrance side. This state-of-the-art office building will feature the large floor plates preferred by a wide range of tenants, several dedicated lobby areas envisaged to address the needs of large-scale tenants using the building for their headquarters, high environmental performance subject to LEED certification, as well as other appealing features including a port-cochere, rare for Manhattan, and a parking garage

The world’s largest investment management company, BlackRock will locate its headquarters at 50 Hudson Yards and serve as one of the development’s anchor tenants.

At 55 Hudson Yards, another development project in the Hudson Yards area currently being carried out together with Related and Oxford, tenant leasing activities are progressing extremely well, with about 80% of tenants already committed. 55 Hudson Yards is scheduled for completion in 2018.

As with 55 Hudson Yards, The Mitsui Fudosan Group regards 50 Hudson Yards as a flagship building that will be at the core of its portfolio for future overseas business. In addition to offering an opportunity to expand the company’s overseas operations, the project will utilize the expertise accumulated though the mixed-use urban development and neighborhood creation projects Mitsui Fudosan has undertaken in Japan to add further value to the Hudson Yards project.

The Mitsui Fudosan Group's Overseas Strategy

The Mitsui Fudosan Group has positioned overseas business as one of its growth areas and is engaged in projects Western countries such as the U.S. and UK and elsewhere in Europe, as well as in China, Taiwan and Southeast Asia. In the U.S., Mitsui Fudosan is developing housing and other multi-use projects, and aims to capture even more new business opportunities going forward.


Perspective drawing of Hudson Yards seen from the Hudson River side

Property Overview

Property Name 50 Hudson Yards
Location 50 Hudson Yards, New York, NY
Structure 58 floors above ground and 3 below
Site Area Approx. 69,000 ft2 (approx. 6,400 m2)
Total Floor Area Approx. 2,793,000 ft2 (approx. 260,000 m2)
Purpose Offices
Architect Foster+Partners
Builder Hudson Yards Construction
Schedule Construction from 2017 (planned)
Completion in 2022 (planned)

Hudson Yards Overview

Hudson Yards is situated for highly convenient access to public transportation. The No. 7 subway line linking Times Square and Grand Central Station has opened, and Penn Station, the departure point for long-distance trains as well as the Long Island Rail Road and New Jersey Transit commuter services, is within walking distance.

Plans for the development include five state-of-the-art office buildings, more than 100 stores, restaurants, about 4,000 residences, unique cultural properties, approx. six hectares of public open space, a public school, and a luxury hotel with more than 200 rooms. Hudson Yards is a rare example of a central city development plan that features ample greenery and space for relaxation.


Click map to enlarge

HUDSON YARDS NEW YORK: http://www.hudsonyardsnewyork.com/

Maps

Detailed map

Click map to enlarge

Business Development in the U.S.

55 Hudson Yards

Location 55 Hudson Yards, New York, NY
Completion 2018 (planned)
Site Area Approx. 40,000 ft2 (approx. 3,700 m2)
Total Floor Area 1,265,700 ft2 (approx. 117,600 m2)
Floors 51 above ground and 2 below with 1 penthouse floor
Purpose Offices and commercial facilities
Outline Mitsui Fudosan developed with joint developer from 2015

527 Madison Avenue

Location 527 Madison Avenue, New York, NY
Completion 1986
Site area 11,650 ft2 (approx. 1,100 m2)
Gross floor area 209,604 ft2 (approx. 19,500 m2)
No. of floors 26 floors above ground, 1 floor below ground
Main application Offices and commercial facilities
Outline Acquired 2008

1251 Avenue of the Americas

Location 1251 Avenue of the Americas, New York, NY
Completion 1970
Site Area 99,359 ft2 (approx. 9,230 m2)
Total Floor Area 2,317,635 ft2 (approx. 215,310 m2)
Floors 54 above ground and 4 below
Purpose Offices and commercial facilities
Outline Acquired in 1986

Waterfront Corporate Center III

Location 221 River Street, Hoboken, NJ 07030
Completion 2015
Site Area Approx. 54,000 ft2 (approx. 5,000 m2)
Total Floor Area Approx. 578,000 ft2 (approx. 54,000 m2)
Floors 14 above ground and 1 below
Purpose Offices
Overview Acquired 2016

1200 17th Street

Location 1200 17th Street NW, Washington DC
Completion September 2014
Site Area 17,013 ft2 (approx. 1,580 m2)
Total Floor Area 233,132 ft2 (approx. 21,660 m2)
Floors 11 above ground and 2 below
Purpose Offices and commercial facilities
Outline Mitsui Fudosan developed with joint developer from 2012

Homer Building

Location 601 13th Street NW, Washington DC
Completion 1913
Site Area 43,318 ft2 (approx. 4,020 m2)
Total Floor Area 491,913 ft2 (approx. 45,600 m2)
Floors 12 above ground and 5 below
Purpose Offices, commercial facilities and parking
Outline Acquired in 2012

270 Brannan Street

Location 270 Brannan Street, San Francisco, CA
Completion 2016
Site area 37,813 ft2 (approx. 3,500 m2)
Gross floor area 213,302 ft2 (approx. 19,800 m2)
No. of floors North wing 7 floors, South wing 5 floors
Main application Offices and commercial facilities
Outline Mitsui Fudosan developed with joint developer from 2014

Residential Housing Projects

525 West 52nd Street

Location 525 West 52nd Street, New York, NY
Completion May 2017
Site Area 38,100 ft2 (approx. 3,500 m2)
Total Floor Area 444,800 ft2 (approx. 41,300 m2)
Floors North Wing 22 floors, South Wing 14 floors, 1 floor below ground
Purpose Rental housing (392 units)
Outline Mitsui Fudosan developed with joint developer from 2015

160 Madison Avenue

Location 160 Madison Avenue, New York,NY
Completion September 2015
Site Area 21,500 ft2 (approx. 2,000 m2)
Total Floor Area 321,400 ft2 (approx. 29,000 m2)
Floors 42 above ground and 1 below
Purpose Rental housing (318 units)
Outline Mitsui Fudosan developed with joint developer from 2013

4000 North Fairfax Drive (tentative name)

Location 4000 North Fairfax Drive, Arlington County, VA
Completion 2020 (planned)
Site Area 26,000 ft2 (approx. 2,400 m2)
Total Floor Area 450,000 ft2 (approx. 42,000 m2)
Floors 22 above ground and 5 below
Purpose Rental housing (approx. 330 units (planned))
Overview Mitsui Fudosan developed with joint developer from 2017

O&M

Location 650 Indiana Street, San Francisco, CA
Completion August 2017
Site Area 26,300 ft2 (approx. 2,400 m2)
Total Floor Area 100,600 ft2 (approx. 9,300 m2)
Floors 5 above ground and 1 below
Purpose Rental housing (116 units)
Outline Mitsui Fudosan developed with joint developer from 2015

West Edge Tower

Location 1430 2nd Avenue, Seattle, WA
Completion 2018 (planned)
Site Area 19,062 ft2 (approx. 1,770 m2)
Total Floor Area Approx. 548,000 ft2 (approx. 50,900 m2)
Floors 39 above ground and 5 below
Purpose Rental housing (340 units)
Outline Mitsui Fudosan developed with joint developer from 2015