Manhattan's Newest Iconic 2.8M SF Office Tower Launched by Tishman Speyer

Tishman Speyer has officially unveiled The Spiral, a 2.8 million-square-foot office skyscraper in Manhattan, designed by the renowned BIG|Bjarke Ingels Group.

A Modern Marvel in Manhattan

This 66-story tower at 66 Hudson Blvd. is a significant addition to the city's skyline, marking a new era of modern office spaces in New York. Notably, The Spiral's design prioritizes the integration of indoor workspaces with terraces on each floor, offering a unique and flexible environment for businesses. Its floorplates range from 60,000 to 28,000 square feet, with the sizes diminishing as the tower ascends, providing a versatile workspace for a variety of tenants. Additionally, the building features 27,000 square feet of retail space, adding vibrancy to the area.

Amenities Galore

The Spiral is more than just a workplace; it offers a host of amenities to cater to the needs of its tenants. The Zo. Clubhouse, located on the southeast corner of the 66th floor, offers an open-air terrace with dining options, providing a spectacular view of the city. The Studio serves as both an event venue and workspace, offering a dynamic and inspiring setting for various activities. For those who prefer eco-friendly commuting, the tower includes 30 car parking spaces with charging stations for electric vehicles, as well as a bicycle room with private showers and changing facilities.

A Decade in the Making

This impressive project had a journey that spanned nearly a decade. Originally known as the Hudson Spire, Tishman Speyer acquired the site in April 2014 for $438 million. In 2016, the company unveiled the innovative BIG conceptual design for The Spiral and subsequently filed plans for the tower. Strategic investments in air rights saw Tishman Speyer pay $78 million to the city and state in late 2016, allowing for a significant expansion of the tower. This was preceded by a $30 million investment in air rights in 2015, adding 350,000 square feet to the building's footprint. In 2018, the project secured $1.8 billion in construction financing, ultimately valuing the project at an impressive $3.6 billion. Construction commenced in 2018, reaching its pinnacle in early 2021.

Attracting Prominent Tenants

The Spiral has succeeded in attracting a prestigious list of tenants throughout its development stages. In 2018, pharmaceutical giant Pfizer signed a substantial 20-year lease for 800,000 square feet of space within the tower. This was followed by commitments from other notable companies, including AllianceBernstein, who secured 189,000 square feet, and international banking powerhouse HSBC, who chose The Spiral for its headquarters, committing to a 20-year lease covering 265,000 square feet. As of early 2023, The Spiral continues to be an attractive option for businesses, with an additional 43,000 square feet being leased. Global asset manager Marshall Wace secured 79,000 square feet, and ProShares signed a lease for 9,000 square feet.

Navigating a Changing Office Market

The opening of The Spiral comes at a pivotal time in Manhattan's office market. With rising vacancy rates and a slowdown in development activity, the market is adapting to evolving work practices and demands. As of September, Manhattan had a supply pipeline of 6.5 million square feet, equivalent to 1.4 percent of the existing stock, a figure slightly below the national average. The vacancy rate had increased to 17.7 percent, marking a 200-basis-point increase compared to the previous year. Despite these challenges, The Spiral's completion stands as a testament to innovative design and adaptability in the ever-evolving landscape of Manhattan's commercial real estate.