30 Hudson Yards

At city level, the Hudson Yards development has hugely influenced the shifting dynamics of New York City, with tourists being drawn away from locations such as the Empire State Building to Manhattan’s West Side for attractions such as the High Line. PIMCO Prime Real Estate had, on behalf of our clients, already acquired a stake in 10 Hudson Yards in mid-2016 and so, in 2019, took advantage of the opportunity to increase their exposure to the mega project with a 49% stake in an office condominium within the now-iconic 30 Hudson Yards as part of a joint venture alongside Related, the master developer behind the entire Hudson Yards site, and a third-party investor.

The acquisition marked a significant increase in the investment footprint of PIMCO Prime in the U.S., at the time elevating New York City to become the fifth most significant city in our global portfolio by total exposure – emblematic of our approach to target global gateway cities. Immediately after its opening, it helped fuel demand for modern office environments with advanced amenities and infrastructure, shaping leasing trends in Manhattan. It has even influenced major companies’ relocation decisions through epitomizing the urban transformation of New York City.

This 103-story skyscraper with the glass silhouette is now a major attraction. It offers users and visitors commanding views of Manhattan and across the Hudson River and boasts the ‘Edge’ on its 100th floor – the city’s highest outdoor observation deck, attracting thousands of visitors each year. A new addition for thrill-seekers is the City Climb, which allows people to scale the exterior of the building crown and lean out over the side, some 1,200 feet above ground.

30 Hudson Yards is more than a tourist magnet, however; it is a sustainably operated engineering accomplishment. Built on reclaimed, underused urban space, it features energy efficient systems, advanced water conservation fixtures and smart building management to minimize consumption, while locally sourced, sustainable materials – including recycled components – were using during construction, reducing the environmental impact. It is also supremely well connected to public transportation.

Overall, 30 Hudson Yards smart, sustainable concept reflects PIMCO Prime’s focus on selecting investments which contribute to the long-term resilience of our clients’ portfolios.