TPG Finalizes 300K-SF Deal at Tishman Speyer’s The Spiral
By Mark Hallum November 1, 2024 2:25 pm
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Private equity firm TPG has finalized a lease deal for 301,276 square feet at The Spiral in Hudson Yards.
The firm has been in negotiations with Tishman Speyer for office space in the 65-story building at 66 Hudson Boulevard since at least July, when Bloomberg reported a deal was imminent. The deal finally closed in late October, marking the second six-digit lease for that month in New York City, according to a Colliers report.
The length of the lease and the names of the brokers who represented the landlord and TPG in the deal were not disclosed. Representatives for Tishman Speyer and TPD did not respond to a request for comment.
Asking rent in The Spiral ranges between $125 and $225 per square foot, Commercial Observer reported in June, when HSBC expanded by 35,400 square feet at the building to over 300,000 square feet. Crain’s New York Business first reported that the TPG deal had closed.
TPG, a San Francisco-based firm formerly known as the Texas Pacific Group, has offices in New York City at 888 Seventh Avenue and 245 Park Avenue which will both be consolidated into one The Spiral. It is an office landlord itself, having bought 222 Broadway for $150 million as well as 101 Franklin Street in a joint venture with Skylight Real Estate Partners and Cannon Hill Capital Partners for more than $100 million in June.
The Seventh Avenue and Franklin Street properties are slated for residential conversions, however.
Mark Hallum can be reached at mhallum@commercialobserver.com.
