International law firm Milbank, Tweed, Hadley & McCloy LLP, this week announced plans to relocate its New York headquarters to 55 Hudson Yards.
The firm plans to lease more than 250,000 s/f across nine floors in the new park-front office tower on Manhattan’s West Side.
The commitment represents the second commercial tenant at 55 Hudson Yards, which is being developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group.
Milbank, Tweed has executed a letter of intent for the space and expects to finalize the terms of the lease by the end of the summer.
Dale Schlather of Cushman & Wakefield represents Milbank in the transaction. Robert Alexander and Howard Fiddle of CBRE and Stephen Winter of Related represent the ownership group.
Scott Edelman, chairman of Milbank said, “Milbank continues to be in a period of extraordinarily successful development and change. At Hudson Yards, we look forward to creating an office space for the firm’s exciting future: a space which will foster our collaborative, energetic and inclusive culture. We are thrilled to become part of what promises to be an exciting new community in New York City,” he added.
Jeff Blau, CEO of Related Companies said, “Hudson Yards will redefine the way people work and the presence of Milbank adds yet another visionary and forward-thinking global leader to the project. Their new headquarters at 55 Hudson Yards offers the unique opportunity to create their own park-front office space with unprecedented access to a dynamic live, work, play environment. 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.”
The anticipated LEED Gold, 51-story, 1.3 million gross square foot building was designed by architect A. Eugene Kohn of Kohn Pedersen Fox (KPF) and is expected to open in 2018.
The building is positioned at the intersection of Hudson Yards, the High Line and Hudson Park & Boulevard. It is one of the few office buildings in the entire city that opens directly onto a park and sits adjacent to a No. 7 Subway station which connects to every other major subway line as well as Grand Central Station. Penn Station is a ten-minute walk away. 55 Hudson Yards offers its office tenants floor-to-ceiling windows with skyline and river views. The interior planning of the building was conceived after extensive study of the space needs of professional service, financial, creative and technology firms.
With more than 8.5 million square feet of residential, commercial and retail space now fully financed and under construction, Hudson Yards is on schedule to open its first office tower, 10 Hudson Yards – home to Coach Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs – in the next few weeks.
Sales for the 285 residences at 15 Hudson Yards and 137 residences at 35 Hudson Yards will launch this year.
Fifty-Five Hudson Yards, also home to by Boies, Schiller & Flexner, will open in 2018. The one million square foot retail center and 6-acre public plaza will open in the fall of 2018, followed in 2019 by 30 Hudson Yards, the commercial office tower that will house KKR, Wells Fargo Securities, TimeWarner, HBO and CNN.
Hudson Yards will include 17 million square feet of commercial and residential space; more than 100 shops and restaurants; approximately 4,000 residences; The Shed, a new center for artistic invention; 14-acres of public open space; a new 750-seat public school and a 200-room Equinox branded luxury hotel.