Two just-signed, major, latest deals show the sustained appeal of Related’s Hudson Yards complex — and the preference for newer buildings over highly-regarded older ones.
Warner Bros. Discovery (WBD), the biggest tenant at 2.6 million square-foot 30 Hudson Yards, has been consolidating operations since AT&T’s Warner Media merged with Discovery in 2022. The resulting space shakeout freed up 310,000 square feet of its 1.4 million sf on the tower — and so they were swiftly spoken for.
Sources said law firm Covington & Burling signed a sublease for 235,479 square feet, expanding from 200,000 sf at 620 Eighth Ave., the Recent York Times Constructing, which it can leave next yr.
Warner Bros. Discovery is the biggest tenant at 2.6 million square-foot 30 Hudson Yards. Getty Images
Proprietary trading firm Susquehanna International Group (SIG) subleased 73,735 square feet, moving from 140 Broadway downtown.
The Hudson Yards tower opened in 2019, the Times tower in 2007 and 140 Broadway in 1967.
The explanations for the 2 firms’ relocations weren’t immediately clear. Neither the tenants, Related or the brokers involved would comment on any features of the situation, which we learned of through market sources.
Other corporate occupants of 30 Hudson Yards — which is home to top-floor restaurant Peak and the Edge remark deck — include KKR, Wells Fargo and Related’s own headquarters, all of which own their spaces as condo units. WBD still has the biggest presence within the tower, including five floors totaling 300,000 square feet for CNN.
Proprietary trading firm Susquehanna International Group subleased 73,735 square feet, moving from 140 Broadway downtown. Christopher Sadowski
Sources said Covington & Burling signed a sublease for 235,479 square feet, expanding from 200,000 sf on the Recent York Times Constructing. AFP via Getty Images
Our sources also said that Covington’s and SIG’s subleases from WBD will convert to direct leases with Related at certain points in the long run.
It was also understood that along side the transactions, Related plans to revamp the tower’s ground-floor lobby, sky lobby and amenities — including a high-floor outdoor terrace that was previously unused.
Related plans to revamp the tower’s ground-floor lobby, sky lobby and amenities — including a high-floor outdoor terrace that was previously unused.
Brokers involved were CBRE’s Robert Alexander, Anthony Manginelli, Taylor Callaghan and Ryan Alexander for WBD.
Savills’ Matthew Barlow and Steve Barker repped Covington. Newmark’s Brian Goldman, Ross Perlman and Matthew Lorberbaum acted for SIG.
