NEW YORK, April 10, 2013 /PRNewswire/ -- Related Companies
and Oxford Properties Group today announced that L'Oreal
USA, the largest subsidiary of
L'Oreal, S.A., the world's leading beauty company, and SAP (NYSE:
SAP), the market leader in enterprise software applications, will
join Coach, Inc. (NYSE: COH, SEHK: 6388), in the South Tower of
Hudson Yards. Coach, Inc. has purchased 740,000 square feet for
their global corporate headquarters, L'Oreal USA has leased an initial 402,000 square feet
for their U.S. corporate headquarters, and SAP has leased 115,000
square feet on the very top four floors of the building. With these
lease agreements, including expansion space, the South Tower is
more than 80 percent committed.
The LEED Gold South Tower, designed by acclaimed global
architects Kohn Pedersen Fox Associates (KPF), will stand 895 feet
tall offering state-of-the-art commercial office and ground floor
retail space. The building features panoramic views of the city and
the Hudson River, with a total of 15,000 square feet of terrace
space on three levels. Construction on the 1.7 million square foot
tower – at the corner of 10th Avenue and the north side
of 30th Street – began last year and the building is
slated for occupancy in 2015. The South Tower promises to be one of
the most unique buildings in the city due to its integration with
the celebrated High Line and direct connection to the public
plaza.
"Today's announcement recognizes the capacity and skill of our
workforce and is another example of companies choosing to stay,
invest and grow in New York," said
Governor Andrew M. Cuomo. "We
welcome L'Oreal and SAP to their new home alongside Coach in Hudson
Yards, and look forward to continuing to support them in creating
new jobs for New Yorkers and new investments in New York."
Mayor Michael R.
Bloomberg said, "The Hudson Yards area is well on its
way to becoming a top-tier destination to live, work and visit.
World-class office space like the towers Related and Oxford are
building will help keep New York
City competitive in the global economy, and these
commitments from leading corporations L'Oreal USA, SAP and Coach represent an important vote
of confidence in our city's future."
Frederic Roze, President and CEO,
L'Oreal USA said, "The Hudson
Yards development is at the core of a pioneering new neighborhood
and L'Oreal USA is proud to be
part of it. Relocating our corporate headquarters is an exceptional
opportunity to provide our employees with a workplace for tomorrow
and a headquarters that best represents our very creative and
innovative company and our mission of beauty for all."
L'Oreal USA is the largest
subsidiary of the L'Oreal Group, the world's leading beauty
company. In addition to corporate headquarters in
New York City, L'Oreal
USA has Research and Innovation
and Manufacturing and Distribution facilities across seven other
states including Arkansas,
Illinois, Kentucky, New
Jersey, Ohio, Texas and Washington. The company's
portfolio of leading brands includes Lancome, Giorgio Armani
Beauty, Yves Saint Laurent Beaute,
Viktor & Rolf, Diesel, Cacherel, L'Oreal Paris, Garnier, Vichy, La Roche-Posay,
L'Oreal Professionnel, Kerastase, and Shu
Uemura Art of Hair. The US is the base for product
development, international marketing and advertising of L'Oreal's
thirteen American brands: Maybelline New York, Soft Sheen-Carson,
Kiehl's Since 1851, Ralph Lauren Fragrances, essie, Redken
5th Avenue NYC, Matrix,
Mizani, Pureology, SkinCeuticals, Dermablend, Clarisonic and Urban
Decay.
SAP's co-CEO, Bill McDermott
said, "In establishing a single flagship New York location, our only goal was to find
the city's most innovative development. Hudson Yards showcases the
soul and spirit of renewal that will inspire SAP employees,
partners and customers to power a better run world and to improve
people's lives. We are honored to join with the City of New York and the Related-Oxford team
to fulfill the promise of this emerging neighborhood and landmark
project."
As market leader in enterprise application software, SAP helps
companies of all sizes and industries run better. Founded in 1972,
SAP has a rich history of innovation and growth as a true industry
leader. Today, SAP has sales and development locations in more than
50 countries worldwide. SAP applications and services enable more
than 232,000 customers worldwide to operate profitably, adapt
continuously, and grow sustainably.
Related Companies Chairman Stephen M.
Ross said, "The Hudson Yards office towers were designed for
visionaries who demand a globally competitive work place and
world-class amenities for their employees and we are thrilled that
global beauty and software powerhouses L'Oreal and SAP, along with
Coach, Inc., will be locating at Hudson Yards. With construction
already underway, we look forward to continuing to implement our
ambitious vision for the defining development of the
21st Century and the new heart of New York."
Oxford Chief Executive Officer Blake
Hutcheson said, "The strength of the brands moving their
teams to the South Tower at Hudson Yards – from L'Oreal to SAP to
Coach – is a testament to the momentum behind the development and
this great period of growth in New York
City. In 2015, the employees of these leading companies will
move to this state-of-the-art office tower and experience every day
one of the world's greatest new projects within one of the world's
most dynamic new neighborhoods. We are excited for them and for all
those associated with this compelling new vision."
Lew Frankfort, Chairman and
Chief Executive Officer of Coach, Inc. said, "We are honored to be
the cornerstone of New York's next
great neighborhood. Since our founding more than 70 years ago, the
city has been part of our culture and its spirit is core to all
that we do. We're delighted to be staying in the community we have
called home for so long. Our involvement in this project
reflects our confidence in Coach, the revitalization of the Hudson
Yards neighborhood and the unparalleled vibrancy of New York
City. Our new headquarters will reflect many of Coach's
attributes, such as: innovation, collaboration and quality,
allowing all of our business units to operate under one roof,
reinforcing the cooperative way in which we work."
City Council Speaker Christine C.
Quinn said, "The Hudson Yards development speaks volumes
about the attractiveness of New York
City, and the West Side of Manhattan in particular, to private
investment. I'm thrilled that more leading companies in their
respective fields, L'Oreal USA and
SAP, have joined Coach, Inc. and will soon call the Hudson Yards
their home and help bring thousands of jobs to this new
neighborhood."
Manhattan Borough President Scott M.
Stringer said, "The addition of two more premier companies
as corporate tenants is further proof that Hudson Yards will spur
economic development and revitalize the far-West Side. I commend
L'Oreal and SAP for their pioneering decision to join Coach and
base operations out of the Hudson Yards development, a project that
will bring jobs, affordable housing, as well as cultural,
educational and open space to area residents."
The development of the Hudson Yards is the largest private
development ever undertaken in New York
City. Its construction is expected to create nearly 23,000
construction jobs, and once completed, 40,000 people will work in,
or call Hudson Yards their home. The office towers of Hudson Yards
will be models of resiliency and sustainability with on site co-gen
power, multiple utility feeds and daylight harvesting. The
office floors will provide sweeping views with floor to ceiling
glass, underfloor air and wire management, and enhanced stair and
elevator capacity – all designed to provide the flexible, team
based workspace that is becoming the hallmark of forward thinking
companies. Along with extensive retail, health club,
entertainment and dining amenities, commercial tenants will enjoy
cost-effective space and increased productivity. As the
cultural heart and business center of Manhattan continues to move south and west,
Hudson Yards offers global business leaders an opportunity to
relocate in New York City's new
hub of creativity and innovation.
The 26-acre site will accommodate over 13 million square feet,
including more than 6 million square feet of commercial space;
750,000 square feet of destination retail space with five floors
dedicated to premier shops, cinemas, specialty restaurants, markets
and bars, a number of which will be programmed by Danny Meyer's Union Square Events; approximately
5,000 residences; a new school; and luxury hotel – all offering
unparalleled amenities for residents, employees and visitors.
Hudson Yards is also strategically located at the center of the
region with unsurpassed connections to public transportation and an
incomparable network of parks and public plazas.
Founded 40 years ago, Related Companies is a fully-integrated,
highly diversified industry leader with experience in virtually
every aspect of development, acquisitions, management, finance,
fund management, marketing and sales. The Company's existing
portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class
mixed-use, residential, retail, office, trade show and affordable
properties in premier high-barrier-to-entry markets. With offices
and major developments in Abu
Dhabi, Boston, Chicago, Los
Angeles, New York, San
Francisco Sao Paulo and South
Florida, Related is well-known for having developed the 2.8
million square foot Time Warner Center in New York City and the 72-acre CityPlace in
West Palm Beach as well as being a
leader in green building.
Oxford Properties Group is a global platform for real estate
investment, development and management, with over 1,400 employees
and over $20 billion of real assets
that it manages for itself and on behalf of its co-owners and
investment partners. Established in 1960, Oxford has regional
offices in Toronto, London and New
York, and the company's portfolio includes approximately 50
million square feet of office, retail, industrial, multi-family and
hotel properties. Oxford is the real estate arm of the OMERS
Worldwide Group of Companies.
For more information on Hudson Yards, please visit
www.hudsonyardsnewyork.com, or follow us on Twitter, Facebook and
Pinterest. New renderings of the site and recent construction
photos are also available.
SOURCE Related Companies