- Hudson Yards tower secures $2.45B in debt and equity, including a $1.6B construction loan.
- Deloitte will occupy 800 KSF in the 1.4 MSF building, moving from 30 Rockefeller Plaza.
- This is the largest private construction loan in New York since 2020, signaling robust investor demand.
- Move-ins at 70 Hudson Yards are set for late 2028, with premium leasing for upper floors to begin in 2026.
Financing Sets a New Mark
Related Companies and Oxford Properties have secured $2.45B in financing for 70 Hudson Yards, a 72-story, 1.4 MSF office tower in the heart of the Hudson Yards district. The deal includes a $1.6B construction loan led by Wells Fargo, Bank of America, and Standard Chartered. According to CoStar, it marks the largest construction loan in New York City since 2020.
This major financing comes amid rising demand for Class-A office space in Manhattan. Lenders and institutional investors are once again backing large-scale office developments. Related broke ground on the project in July 2025. Vertical construction is expected to begin early this year.
Trophy Tenant Commitment
Deloitte, one of the world’s largest consulting and accounting firms, has leased over 800 KSF at 70 Hudson Yards, covering floors 16 to 45. The move from 30 Rockefeller Plaza is the largest office tenant relocation in New York since 2020. It highlights the project’s ability to attract top-tier occupiers. The deal adds to a string of recent commitments that suggest rising momentum in the Hudson Yards office market.
The developers plan to open leasing for the top 550 KSF in 2026. This space will feature outdoor terraces and club-style amenities. Full occupancy and tenant move-ins are expected by late 2028.
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Hudson Yards Office Market Momentum
The Hudson Yards district holds the distinction of being the largest private development in US history. Its office towers are attracting leading companies such as BlackRock, KKR, SAP, and Tapestry. The market for Class-A space is tightening—vacancy in trophy buildings is down to 3.4%, with asking rents topping $190 PSF, according to Savills.
70 Hudson Yards marks the first major ground-up office project in Manhattan in over five years. Its location—next to the No. 7 subway and Penn Station—along with large floorplates and expansive terraces, appeals to high-demand tenants looking for best-in-class amenities in the city’s most valuable mixed-use complex.
What’s Next
With excavation underway and foundations nearly complete, 70 Hudson Yards will start vertical construction in 2026, offering a first mover advantage in the current office cycle. As the broader Manhattan office market recovers, Hudson Yards continues to set benchmarks for both investor activity and tenant demand, driven by its scale, location, and premium offerings.
