The biggest relocation lease of October was private equity powerhouse TPG’s move to eight high floors in Tishman Speyer’s Spiral, aka 66 Hudson Boulevard.
Its 301,276 square feet was runner-up in size only to Bloomberg’s 749,000 square feet at 919 Third Ave. that was mostly expansion space at the same location.
TPG will move from 888 Seventh Ave. and 245 Park Ave. The talks were first reported by Bloomberg in July. The deal closed last week.
An insider said the move marks a modest, 20,000 square-foot expansion for the firm. The deal brings the 2.8 million square-foot Spiral to 94% leased to tenants including Pfizer, the US headquarters of HSBC, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction and Marshall Wace.
It’s a remarkable record for a building that opened barely two years ago on what used to be called the Far West Side.
Now, of course, the land of Related’s Hudson Yards, Brookfield’s Manhattan West and the Spiral no longer seems exotic or remote, but a prime mover of Midtown corporate growth.
TPG partner and chief operating officer Anilu Vazquez-Ubarri said New York “is now the largest location in our global office network,” which includes San Francisco, Fort Worth, Texas, Chicago and Washington, DC.
She said, “Combining our New York footprint into this state-of-the-art space is an important component of our real estate strategy and represents our firm’s continued growth and evolution.”
She added, “Hudson Yards is a hub for leading global businesses, and we are delighted to bring our teams together in a space that offers ample opportunity for continued growth, collaboration, and connectivity.”
October was a banner month all around for Tishman Speyer.
The TPG deal came on the heels of Tishman’s $3.5 billion refinancing of Rockefeller Center, the Midtown landmark that was constructed some 80 years before the Spiral.
CEO Rob Speyer said his company “designed the Spiral to attract the world’s premier companies from across industries.”