BY YANNIC RACK | Another high-profile business is joining the growing tenant roster at Hudson Yards, with an international law firm signing on to move its New York headquarters to the rapidly developing neighborhood.
Developers Related Companies and Oxford Properties announced last week that Milbank, Tweed, Hadley & McCloy will move into nine floors at 55 Hudson Yards, the park-front office tower planned for the corner of W. 34th St. and 11th Ave.
“Milbank is one of the great New York City law firms and we are excited to welcome them and their next generation of legal talent to New York’s next great neighborhood,” Related CEO Jeff Blau said in a statement.
The 51-story building was designed by acclaimed architect A. Eugene Kohn of Kohn Pedersen Fox and sits right at the intersection of Hudson Yards, the High Line and Hudson Park & Boulevard. It is expected to open in 2018.
Hudson Yards is on schedule to open its first office tower, 10 Hudson Yards, in the next few weeks, at which point the building’s tenants — including Coach Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs — will finally start moving in.
This week, its developers said that an independent study of the project’s economic impact found that Hudson Yards will contribute nearly $19 billion to New York City’s Gross Domestic Product (GDP) every year, and generate more than 55,000 jobs on the West Side.
The report, prepared by New York-based consulting firm Appleseed, outlines that the 28-acre development will account for a whopping 2.5 percent of the citywide GDP once completed.
It will also earn the city nearly $500 million in annual taxes, and companies and buildings at Hudson Yards will bring 55,752 direct jobs to the new neighborhood.
“The impact of Hudson Yards is real, and this economic report is a clear affirmation that the city’s infrastructure investment was a wise one,” said Deputy Mayor Alicia Glen.
“What’s more, this smart, mixed-use development, and that of the broader district, will bring along with it thousands of affordable apartments and living-wage jobs for working New Yorkers, strengthening our people and our economy.”
A press release added that Related and Oxford’s development is just one piece of the broader Hudson Yards district, which can accommodate 50 million square feet of development, including new parkland, office, hotel and retail space, and 20,000 apartments with more than 5,000 affordable units.
