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rivate equity giant TPG has signed a major lease at Tishman Speyer's Spiral building in Hudson Yards. The company will occupy 301,276 square feet across eight high floors, marking a significant expansion of its New York City presence. This deal is the largest relocation transaction in October and represents a 20,000-square-foot increase for TPG.
The firm will consolidate its offices from two locations at 888 Seventh Avenue and 245 Park Avenue to the Spiral building. TPG's lease comes after talks were first reported by Bloomberg in July, with the deal closing last week.
TPG partner and chief operating officer Anilu Vazquez-Ubarri said the move is part of the company's real estate strategy, reflecting its growth and evolution. The firm has offices in several other cities, including Fort Worth, Texas; San Francisco; Chicago; and Washington D.C.
The Spiral building, which opened in 2023, is now 94% occupied, with other major tenants including US headquarters for HSBC, Pfizer, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction, and Marshall Wace. Tishman Speyer CEO Rob Speyer said the company designed the Spiral to attract top companies from various industries.
October was a successful month for Tishman Speyer, which also negotiated a $3.5 billion refinancing of Rockefeller Center, the largest ever issued for a single office asset.
