Tishman Speyer tower at Hudson Yards set to reach Milestone

Tishman Speyer’.com

By Hadassa Kalatizadeh
The Spiral, Tishman Speyer’s 1,041-foot-tall Tower at Hudson Yards, will top off on Tuesday. The $3.7 billion, 66-story skyscraper, beribboned with cascading, landscaped terraces and hanging gardens will reach milestone heights. The supertall building’s design not only makes the building stand out, but also provides tenants on each floor with outdoor terrace space. As reported by the NY Post, CEO Rob Speyer, who has been heading the development, says the even better accomplishment is having Pfizer Inc signed as an office tenant. “Pfizer’s team are the true heroes of COVID,” Speyer said. “We couldn’t be prouder.
The pharmaceutical giant which churned out a COVID-19 vaccine in record time, signed on back in the summer of 2018, taking on a lease for 800,000 square feet. “We were proud when we first signed the lease with them,” he said. “Now we’re over the moon.” Pfizer is currently occupying a few older buildings in the East 40s, and plans to consolidate its offices when the Spiral is ready.

The Spiral boasts a total of roughly 2.85 million square feet, which is slated to open in the spring of 2022. The tower at 66 Hudson Blvd encompasses the entire block bounded by 10th Avenue and the Hudson Boulevard, and by West 34th and 35th streets. Designed by Bjarke Ingels Group architects, the tower will have spiraling rings of greenery, which will give the supertall glass tower a soft garden look.

In 2018, after Pfizer signed on right before ground breaking, two other large tenants signed on, namely Debevoise & Plimpton LLP and AllianceBernstein. Those three sign-ons together brought the Spiral to just over 50 percent leased. Filling up the rest of the building might prove difficult now that the pandemic has devastated the commercial real estate market.
Last week, Speyer voiced confidence though, in an interview with The Post. “We’re over 50 percent leased, and we have more than a year and a half to deliver,” he said. “We have several conversations going with companies that are broadly representative of the city’s commerce.” Speyer said they have not lowered the asking rents but indicated they would be open to negotiating a “fair deal for everyone.” “Remember, many companies have delayed [real-estate] decisions pending the resolution of the pandemic.” said Speyer. “That naturally creates pent-up demand.” Speyer expressed hope that by September, if the virus can be contained, there can be a strong increase in leasing volume.