New York Construction Report staff writer
Oxford Properties Group and Related Companies have completed the full capitalization of 70 Hudson Yards, closing US$2.45 billion in financing for the 72-storey office tower now under construction on Manhattan’s West Side.
The financing package includes a US$1.6 billion construction loan led by Wells Fargo, Bank of America and Standard Chartered, along with equity from institutional investors. Developers said the loan is the largest construction financing for a New York City office project since 2020.
The 1.4-million-square-foot building will serve as the future U.S. headquarters for Deloitte, which signed a lease in 2025 for more than 800,000 square feet. The deal represents the city’s largest tenant relocation since 2020, according to the developers.
Construction is underway, with foundation work nearing completion. Vertical construction is expected to begin in early 2026. The project broke ground in July 2025, and initial tenant move-ins are anticipated in late 2028.
Designed by Gensler and Roger Ferris + Partners, with interior design by INC, the tower will be located at Hudson Boulevard and West 35th Street. The building will feature large floorplates, indoor and outdoor workspaces, multiple amenity levels and street-level retail space. Upper floors will include approximately 550,000 square feet of office space with private outdoor terraces and a separate lobby, with leasing set to begin in 2026.
Related Companies CEO Jeff T. Blau said the project reflects continued demand for high-quality office space in New York City, while Oxford Properties Global Head of Development Dean Shapiro said securing full financing demonstrates renewed confidence among lenders and investors in top-tier office developments.
Deloitte said the move to Hudson Yards will consolidate its New York operations into a single headquarters location.
The building will have direct access to the No. 7 subway line, Bella Abzug Park and nearby Hudson Yards amenities.
