By Roland Li
Dean Shapiro, a former CB Richard Ellis managing director, has been appointed as the senior vice president of Oxford Hudson Yards, where he will lead in-house commercial leasing and marketing efforts for the 26-acre project.
The Hudson Yards plan, developed by the Related Companies and Oxford Property Group, calls for 13 million s/f of new commercial and residential development, as well as a $2.1 billion subway extension of the 7 train. The subway extension is expected to open in the first quarter of 2014, with the first phase of the development opening at least a year later.
The plan includes 3.5 million s/f of office space, and no leases have been signed. However, Stephen Ross, chairman and CEO of the Related Companies, said he expected to lease the space by the end of this year, according to Crain’s.
With shrinking development parcels throughout Manhattan, Hudson Yards is one of the few definitive sources of new Class A office space currently under construction, along with the World Trade Center site. It is expected to continue the movement of residential and office tenants westward, a trend that has already occurred in Chelsea and parts of midtown, such as Proskauer Rose’s move to 11 Times Square, by Eighth Avenue.
“Having made a major commitment to New York City, and Hudson Yards in particular, Oxford is very pleased to have someone of Dean’s caliber manage our investment and join our partner’s management team,” said Blake Hutcheson, president and CEO of Oxford Properties Group, in a statement.
“Dean brings a wealth of experience in New York City commercial leasing and will be a key member of our project team as we bring Hudson Yards to market,” said L. Jay Cross, president of Related Oxford Hudson Yards, in a statement.
Shapiro worked at Insignia/ESG before it merged with CBRE. He was also chief operating officer and partner at Stamford, Conn.-based Building and Land Technology, where he worked with Starwood Hotels & Resorts, Cornell University and Louis Dreyfus Highbridge Energy.