KKR Seals $490M Financing for Commercial Condo at 30 Hudson Yards
By Matt Grossman June 7, 2019 5:25 pmreprints
KKR (KKR) and the New York City Industrial Development Agency have picked up a $490 million fee and leasehold mortgage from Deutsche Bank (DB) backed by a commercial condominium at 30 Hudson Yards, according to records filed with the New York City Department of Finance today.
KKR controls a 343,000 square foot section of the building, including its 10 highest office floors. KKR is the fee owner of the condominium, while the Industrial Development Agency controls the leasehold interest.
At its completion earlier this year, 30 Hudson Yards became New York City’s fourth-tallest building. Its 1,100-foot observation deck is the highest such outdoor platform in the western hemisphere. Other office tenants include WarnerMedia, Wells Fargo (WFC), Oxford Properties and Related Companies. Architecture firm Kohn Pedersen Fox drew up the blueprints.
KKR plans to move its headquarters to the brand-new West Side mixed-use district from its current digs at the Solow Building at 9 West 57th Street.
The Industrial Development Agency is a division of the New York City Economic Development Corporation that participates in development projects by offering tax incentives for investors whose work promises to promote economic growth and new jobs.
Representatives for KKR didn’t immediately respond to inquiries. A Deutsche Bank spokeswoman declined to comment.