TPG’s Big Move to Tishman Speyer’s Spiral
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.
Record-Breaking Deal
The 301,276 square feet leased by TPG was runner-up in size only to Bloomberg’s 749,000 square feet at 919 Third Avenue, which was mostly expansion space at the same location. The deal brings the 2.8 million square-foot Spiral to 94% leased, with tenants including Pfizer, the US headquarters of HSBC, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction, and Marshall Wace.
Modest Expansion for TPG
An insider said the move marks a modest, 20,000 square-foot expansion for the firm. The deal is a remarkable record for a building that opened barely two years ago on what used to be the Far West Side. Now, the land of Related’s Hudson Yards, Brookfield’s Manhattan West, and the Spiral is no longer exotic or remote, but a prime mover of Midtown corporate growth.
TPG’s New Home
TPG’s new home, the Spiral, is a state-of-the-art space that offers ample opportunity for growth, collaboration, and connectivity. 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. Combining our New York footprint into this space is an important component of our real estate strategy and represents our firm’s continued growth and evolution."
Tishman Speyer’s Success
October was a banner month for Tishman Speyer, with the TPG deal coming on the heels of the company’s $3.5 billion refinancing of Rockefeller Center, the Midtown landmark that was constructed some 80 years ago. CEO Rob Speyer said, "We designed the Spiral to attract the world’s premier companies from across industries."
Conclusion
The TPG deal is a significant milestone in the growth of the Hudson Yards area, which has become a prime location for corporate tenants. With the Spiral now 94% leased, it’s clear that Tishman Speyer’s vision for the building has been realized.
FAQs
Q: What is the size of the lease signed by TPG?
A: The deal is for 301,276 square feet.
Q: How much of the Spiral is currently leased?
A: The building is now 94% leased.
Q: What other companies have signed leases at the Spiral?
A: Tenants include Pfizer, the US headquarters of HSBC, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction, and Marshall Wace.
