Related Cos. JV Nears $1.4B Refi for 10 Hudson Yards

The first office tower built at Hudson Yards is poised for one of the year's largest refinancing deals.

Nina Dale
June 03, 2026

In partnership with

Good morning. Not all office buildings are created equal. A nearly $1.4 billion refinancing for 10 Hudson Yards highlights the growing gap between top-performing assets and the rest of the market.

🎙️This Week on No Cap: RREAF Holdings’ Kip Sowden and Doug McKnight share how they built a $4.8B Sun Belt platform out of post-GFC distress, and why middle-market housing and extended stay hotels are their highest-conviction bets as a new real estate cycle begins. (This season is sponsored by Henry)

CRE Trivia 🧠

Which REIT owns approximately 160,000 billboard faces across the United States?

IN PARTNERSHIP WITH WARESPACE

Brokers: get $1/SF on top of full commissions.

WareSpace pays $1 per square foot on top of full buyer-side commissions. On a 100,000 SF deal that's an extra $100K. On 200,000 SF, $200K. No splits. No retrades. Paid at close.

We're a national buyer of industrial, office, and big box retail, 60k–250k SF, with a $700M fully discretionary fund. All cash. No syndication.

Recent closings: Orange County and Seattle. If you have a deal, send it to VP of Acquisitions Jeff Jenkins at [email protected].

*This is a paid advertisement. Please see the full disclosure at the bottom of the newsletter.

Market Snapshot

S&P 500

GSPC

7,609.78

Pct Chg:
+0.13%

FTSE NAREIT

FNER

829.09

Pct Chg:
+0.36%

10Y Treasury

TNX

4.451%

Pct Chg:
-0.026

SOFR

30-DAY AVERAGE

3.59%

Pct Chg:
-0.00

*Data as of 06/02/2026 market close.

Trophy Refi

Source: KPF

One of Hudson Yards’ flagship office towers is poised to secure a major refinancing, underscoring continued lender appetite for top-tier Manhattan office assets despite broader sector headwinds.

The deal: A JV led by Related Cos., Oxford Properties Group and several institutional partners is nearing a $1.4B CMBS refinancing for 10 Hudson Yards, a 1.8M SF Manhattan office tower. The deal, expected to close June 24, will be originated by Wells Fargo, Goldman Sachs, Morgan Stanley and Deutsche Bank.

Financing terms: The 5.5-year, interest-only loan is expected to carry a 5.5% fixed rate and mature in 2031. Proceeds will refinance a $1.2B CMBS loan maturing this month, with the balance covering reserves and closing costs.

Occupancy remains strong: As of May, the tower was 100% leased by 12 tenants. However, tenant concentration remains notable, with Tapestry, L’Oréal and Boston Consulting Group accounting for nearly 80% of the building’s leased space.

A Hudson Yards milestone: Completed in 2016, 10 Hudson Yards was the first office tower in Hudson Yards and the first commercial property in New York City to earn LEED Platinum v2009 certification. The building also benefits from a 20-year PILOT tax agreement and direct access to the subway and High Line.

Capital markets snapshot: While commercial mortgage maturities are expected to decline in 2026, refinancing activity remains strong. The Mortgage Bankers Association estimates $875B in commercial mortgages will mature this year, down 9% from 2025, while commercial mortgage originations rose 52% YoY in the first quarter, despite a 2% decline in office lending.

➥ THE TAKEAWAY

Capital chases quality: Not all office buildings are navigating the capital markets equally. 10 Hudson Yards' ability to secure a nearly $1.4 billion refinancing highlights the widening gap between top-tier assets and the rest of the sector.

A MESSAGE FROM AUTHENTIC

Your Marketing Reporting Is Lying to You

Most teams celebrate clunky benchmarks like impressions and assume the funnel is healthy. The real leak is often upstream: unqualified traffic, missed inquiry responses, and tour no-shows.

Authentic's Multifamily Marketing & Leasing Audit looks at your funnel from ad impression to signed lease, pinpoints where prospects are actually falling off, and hands you a ranked action plan to close the gap.

Results guaranteed or your money back. CRE Daily subscribers get 50% off.

*This is a paid advertisement. Please see the full disclosure at the bottom of the newsletter.

✍️ Editor’s Picks

Acquisition spree: ZRP acquires Avalon Crossing in Indianapolis, adding $60 million in AUM and 300,000 SF in 2026, marking its third acquisition of the year and expanding its retail portfolio to 2.35M SF. (sponsored)
Balloon backlog: CMBS delinquencies rose 1 bps to 7.55% in May 2026 as $4.04B in new defaults—led by matured balloon loans—pushed distress higher while multifamily, office, and lodging improved.
Insurance shift: Climate-driven insurance increases are pushing migration away from high-risk states and weighing on property values as premiums rise.
Tech that exceeds investor expectations: AI that generates asset performance dashboards in minutes, not days. (sponsored)
Housing bet: Berkshire Hathaway’s $6.8B acquisition of Taylor Morrison signals confidence in a U.S. housing recovery despite a prolonged slump driven by high mortgage rates and affordability pressures.
C-pace growth: C-PACE lending is expanding as more states adopt programs and larger deals drive its use in construction and refinancing beyond sustainability upgrades.

🏘️ MULTIFAMILY

Subscription shift: Deloitte says “living-as-a-service” could replace traditional leases by bundling rent, utilities, and services into a flexible subscription model aimed at a more mobile, longer-term renter base.
Permit surge: Multifamily permitting is surging in several smaller U.S. markets, signaling rapid construction growth that could create localized oversupply risks despite still-moderate inventory levels.
Quality shift: Multifamily lending is rebounding, but capital is increasingly focused on higher-quality assets with simpler, lower-risk structures.
Transit rush: LA developers are racing to raise capital ahead of SB-79, which expands transit-oriented upzoning and accelerates approvals near transit corridors.

🏭 Industrial

Industrial bet: Prologis bought 28 acres in North Carolina’s Triangle to develop two industrial buildings near I-40, signaling continued logistics demand despite rising vacancy.
Cold logistics: Target opened its largest food distribution center in Thornton, a $367M facility aimed at speeding up food supply chains and serving 130 stores with 383 jobs added.
FedEx sale: PGIM and Miramar Capital sold a 1.6M SF, fully leased FedEx last-mile industrial portfolio across four Southeast states for $300M, in a transaction arranged by JLL and acquired by an SMBC-linked buyer.
Data surge: Oracle, OpenAI and Related Digital broke ground on a major Michigan data center campus with three 550,000 SF buildings and 2,500+ jobs tied to the largest investment in state history.

🏬 RETAIL

Retail pivot: Neighborhood retail stays resilient as service tenants grow, supply remains tight, and rents continue rising despite e-commerce concerns.
Arena shift: The Dallas Mavericks plan a new arena and mixed-use district at the former Valley View Mall site to stay in Dallas ahead of a 2031 opening.
Food halls: Stix Asia is opening an 18,000 SF food hall in Las Vegas, reflecting continued growth of experiential dining despite economic headwinds.
Mall monetization: A broker helped bring Amazon kiosks into U.S. malls through key relationships, unlocking new revenue streams from underused retail space before Amazon shut the program in 2019.

🏢 OFFICE

Office unwind: Saks Global has listed 232,800 SF at 225 Liberty St. in NYC amid bankruptcy uncertainty, despite a lease running through 2032.
HQ build: ArcelorMittal Building Solutions is investing $107M to build a new North American headquarters and manufacturing campus in Macon, Georgia, adding up to 140 jobs and targeting operations by 2027.
Office experience: CBRE is expanding hospitality-style services across its global office portfolio to improve employee experience and drive higher in-office attendance.

🏨 HOSPITALITY

Hotel uplift: U.S. hotel forecasts are raised as demand strengthens, boosting ADR and RevPAR outlooks despite continued margin pressure.
College expansion: Hilton is launching Undergraduate by Hilton, a scalable upper-midscale brand targeting college-town demand with plans for 400+ hotels alongside its existing Graduate portfolio.
Resort flip: Mast Capital sold the 249-key Solé Miami resort in Sunny Isles for roughly $20M–$25M, more than quadrupling its 2021 purchase price, marking a strong value-add exit to South Street Partners.

📈 CHART OF THE DAY

National apartment fundamentals remain soft, but several key indicators—including rent growth, vacancy, leasing velocity, and Sun Belt performance—are showing early signs of stabilization, suggesting the rental market may be nearing an inflection point.