- Deloitte has signed a lease for 800,000 SF at 70 Hudson Yards, occupying nearly three-quarters of the yet-to-be-built tower.
- The more-than-60-story tower is the largest ground-up office development to begin construction in the US since the pandemic.
- Manhattan office demand is rebounding, with 7.9M SF leased in Q1 2025 — well above the five-year average.
A Major Commitment at Hudson Yards
Deloitte is the latest major tenant to commit to Manhattan’s high-end office market, with plans to relocate its North American headquarters to 70 Hudson Yards—a 1.1M SF tower being developed by Related Companies, per WSJ.
The lease, which covers nearly 800,000 SF, is among the largest office deals in New York City since the pandemic.
Even more notable: Related secured the lease before breaking ground. Construction on the 60-plus story building is slated to begin in June 2025, making it the largest new office development to launch since COVID-19 stalled major projects nationwide.
A New Standard for Trophy Towers
The tower is designed to meet the expectations of today’s office tenants: climate-conscious infrastructure, wellness-driven amenities, and an emphasis on experience. Tenants will have access to a media studio, event space, fine dining, and “red eye” recovery suites for business travelers. Deloitte will also enjoy an 8,000 SF private terrace, a rare luxury in Manhattan office towers.
Hudson Yards continues to draw major corporate anchors including Wells Fargo, BlackRock, and KKR—transforming the once-overlooked West Side into a top-tier commercial destination.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
Market Context
After years of suppressed demand, Manhattan’s office sector is showing new signs of life. Office leasing volume hit 7.9M SF in Q1 2025—well above the five-year average of 5M—according to CBRE. Major players like Amazon and Santander also signed significant leases, signaling corporate confidence in premium office space.
While availability remains high in older buildings, top-tier Class A and trophy assets are seeing significant competition. CBRE notes that tight supply in Midtown corridors is pushing tenants to explore other markets like Midtown South and Penn Station.
Why It Matters
Deloitte’s pre-construction lease is a powerful signal to both landlords and investors that demand exists for next-generation office space—particularly when tailored for top-tier tenants. It may embolden developers like SL Green and BXP to move forward on long-delayed projects.
Despite economic headwinds and lingering concerns over high vacancies, high-quality office product in desirable locations is defying the broader office downturn.
What’s next
Developers and tenants alike are recalibrating their strategies around the limited pipeline of modern, amenitized space. With trophy buildings commanding rents north of $200 PSF, the race for elite office real estate is likely to intensify—especially in supply-constrained submarkets like Hudson Yards.
