Related, Oxford Land $1.6B Construction Loan for 70 Hudson Yards

It may not be Times Square, but sponsors behind a new Hudson Yards office tower have plenty of reason to cheer in the new year.

A joint venture between Related Companies and Oxford Properties Group closed a $2.45 billion capitalization for its work-in-progress 72-story project at 70 Hudson Yards that will be the future U.S. headquarters of Deloitte, the developers announced Monday. The financing package includes a $1.6 billion construction loan from Wells Fargo, Bank of America and Standard Chartered along with additional equity from institutional investors.

The deal marks the largest construction loan in New York since 2020, according to the borrowers. 

 “Securing full equity and the largest construction loan in New York since 2020, on attractive terms, demonstrates the growing global demand from sophisticated investors and lenders of capital into first-class office product like 70 Hudson Yards,” Dean Shapiro, global head of development at Oxford Properties Group, said in a statement. “The demand on the capital side of the premium office market is beginning to catch up with the ongoing demand from occupiers for best-in-class office space.”

Ground was broken on the Gensler and Roger Ferris + Partners-designed building in July 2025 with completion expected in late 2028. The 1.4 million-square-foot structure marks Manhattan’s first major ground-up office development to launch since 2020, according to the sponsors. 

Deloitte inked an 800,000-square-foot lease at 70 Hudson Yards last April as part of the financial services firm’s headquarters relocation from 30 Rockefeller Plaza, Commercial Observer reported at the time. 

“New York City is extraordinary in its ability to attract the world’s top talent and, as a result, we are experiencing equally extraordinary demand for Class-A office,” Jeff T. Blau, CEO of Related Companies, said in a statement. “We could not think of a better anchor tenant for 70 Hudson Yards than Deloitte, and we look forward to delivering an exceptional headquarters for their team to grow, thrive and serve their global clients.”

Brad Dubeck, managing director and commercial real estate banking executive for New York at Bank of America, said in a statement the  development “reflects the continued strength and resilience of New York City’s commercial real estate market and “underscores our commitment to supporting projects that drive economic growth and innovation.”

Wells Fargo and Standard Chartered did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.