Developers Related Companies and Oxford Properties have secured another tenant for their 70 Hudson Yards project, an office tower of approximately 1.4 million square feet, scheduled for completion in 2028. According to a source with knowledge of the transaction and confirmed by Avison Young's Manhattan office market report for Q3 2026, Qube, a global investment manager, has concluded a lease for 52,000 square feet in the 52-storey office building under construction in Manhattan's Hudson Yards.
The exact term of the lease and the asking rent remained undisclosed. However, Avison Young's report indicates that average initial office rents in Hudson Yards for Q3 2026 were $117.66 per square foot. Details regarding the brokerage firm involved are also unavailable. Spokespersons for Related, Oxford, Avison Young, and Qube did not immediately respond to requests for comment.
Strategic Relocation and Landmark Project
Qube currently maintains a New York office in the adjacent 50 Hudson Yards and is expected to relocate upon the completion of the new 70 Hudson Yards tower. This new agreement follows the lease signed by Deloitte in April 2025, which anchors 70 Hudson Yards as the primary tenant with 800,000 square feet. Deloitte will consolidate its existing offices, including its headquarters at 30 Rockefeller Plaza, into the new premises. Ground was broken for the planned skyscraper between West 35th and West 36th Street in June 2025.
Upon its completion, the new tower will offer event spaces, private dining areas, a podcast studio, and an 8,000 square foot terrace. The megaproject by Related and Oxford in Hudson Yards, designed by Roger Ferris + Partners and Gensler, is conceived as New York City's first net-zero emissions skyscraper and represents one of the largest office developments in the US since the COVID pandemic.
Momentum in the New York Office Market
This venture joins a series of ambitious office developments in Manhattan. In October, J.P. Morgan Chase opened its new headquarters at 270 Park Avenue. The $4 billion project spans 60 floors and comprises 2.5 million square feet. BXP has also secured a construction loan financing of $1.2 billion for the construction of its 930,000 square foot office tower at 343 Madison Avenue, which will be 46 storeys high and is expected to be completed in 2029.
- —SL Green Realty and Mori Building Company announced a joint venture in May to develop a new 46-storey, 850,000 square foot office tower directly next to the BXP project at 346 Madison Avenue.
- —Silverstein Properties finalised an office deal for almost 2 million square feet with American Express for 2 World Trade Center in February.
