Coach Commits to New York Development

Coach Inc. (New York) has announced it will be one of the tenants in the new Hudson Yards project being developed on the West Side of Manhattan.

The Related Cos. (New York), which is developing the old railroad storage property along with Oxford Properties (Toronto), said Coach, L'Oreal SA (Paris) and German software company SAP AG will occupy the first tower.

They said they've completed the financing for the 47-story tower at the northwest corner of 30th Street and 10th Avenue and have closed a deal with New York’s Metropolitan Transit Authority, which owns the property, to build a commercial and residential complex over the eastern section of the yards.

Coach has purchased about 740,000 square feet for its new, $750 million global headquarters. L’Oreal will take 402,000 square feet at the south tower for its U.S. headquarters. SAP has agreed to lease 115,000 square feet on the top four floors.

The 13.3 million-square-foot complex will include offices, retail space and residences in what Mayor Michael Bloomberg called one of the largest private developments ever undertaken in the country. The 895-foot south tower at the corner of 30th Street and 10th Avenue is slated for occupancy in 2015.