Deutsche Bank CRE prices first tower in the largest private real estate development in US history
Deutsche Bank’s Commercial Real Estate (CRE) team and Goldman Sachs were joint bookrunners and co-lead managers for 10 Hudson Yards, a 1.7-million-square-foot office tower that is part of the mixed use, urban renewal development of Manhattan’s west side.
Deutsche Bank and Goldman Sachs provided a USD 1.2 billion new issue CMBS to a limited partnership including Allianz, Related Companies and Oxford Properties Group for 10 Hudson Yards.
“I’m very proud of our instrumental role in the centerpiece of the most important development in Manhattan in over 100 years,” said Matt Borstein, Global Head of CRE.
Hudson Yards is the largest development in New York City since Rockefeller Center was built in the 1930s, and the largest private real estate development in US history. It will include restaurants, residences and a public school. 10 Hudson Yards is already 93.2% leased to brand-name tenants including L’Oreal, Coach and SAP. Construction at the development will continue for several years.
This is the third significant transaction that DB has led for the Hudson Yards. Starting in March of 2014 DB provided a USD 250 million loan on the platform of Hudson Yards to begin the overall development of the Hudson Yards. In October 2015, Deutsche Bank and Bank of China co-led a USD 1.5 billion construction loan to finance the Shops & Restaurants at Hudson Yards.