L'Oreal USA And SAP Join Coach, Inc. At Hudson Yards

             L'Oreal USA And SAP Join Coach, Inc. At Hudson Yards

Hudson Yards Creates a New Home for World Renowned Fashion, Beauty and
Technology Leaders on Manhattan's West Side

PR Newswire

NEW YORK, April 10, 2013

NEW YORK, April 10, 2013 /PRNewswire/ -- Related Companies and Oxford
Properties Group today announced that L'Oreal USA, the largest subsidiary of
L'Oreal, S.A., the world's leading beauty company, and SAP, the market leader
in enterprise software applications, will join Coach, Inc., in the South Tower
of Hudson Yards. Coach, Inc. has purchased 740,000 square feet for their
global corporate headquarters, L'Oreal USA has leased an initial 402,000
square feet for their U.S. corporate headquarters, and SAP has leased 115,000
square feet on the very top four floors of the building. With these lease
agreements, including expansion space, the South Tower is more than 80 percent

The LEED Gold South Tower, designed by acclaimed global architects Kohn
Pedersen Fox Associates (KPF), will stand 895 feet tall offering
state-of-the-art commercial office and ground floor retail space. The building
features panoramic views of the city and the Hudson River, with a total of
15,000 square feet of terrace space on three levels. Construction on the 1.7
million square foot tower – at the corner of 10^th Avenue and the north side
of 30^th Street – began last year and the building is slated for occupancy in
2015. The South Tower promises to be one of the most unique buildings in the
city due to its integration with the celebrated High Line and direct
connection to the public plaza.

"Today's announcement recognizes the capacity and skill of our workforce and
is another example of companies choosing to stay, invest and grow in New
York," said Governor Andrew M. Cuomo. "We welcome L'Oreal and SAP to their new
home alongside Coach in Hudson Yards, and look forward to continuing to
support them in creating new jobs for New Yorkers and new investments in New

Mayor Michael R. Bloombergsaid, "The Hudson Yards area is well on its way to
becoming a top-tier destination to live, work and visit. World-class office
space like the towers Related and Oxford are building will help keep New York
City competitive in the global economy, and these commitments from leading
corporations L'Oreal USA, SAP and Coach represent an important vote of
confidence in our city's future."

Frederic Roze, President and CEO, L'Oreal USA said, "The Hudson Yards
development is at the core of a pioneering new neighborhood and L'Oreal USA is
proud to be part of it. Relocating our corporate headquarters is an
exceptional opportunity to provide our employees with a workplace for tomorrow
and a headquarters that best represents our very creative and innovative
company and our mission of beauty for all."

L'Oreal USA is the largest subsidiary of the L'Oreal Group, the world's
leading beauty company. In addition to corporate headquarters in New York
City, L'Oreal USA has Research and Innovation and Manufacturing and
Distribution facilities across seven other states including Arkansas,
Illinois, Kentucky, New Jersey, Ohio, Texas and Washington. The company's
portfolio of leading brands includes Lancome, Giorgio Armani Beauty, Yves
Saint Laurent Beaute, Viktor & Rolf, Diesel, Cacherel, L'Oreal Paris, Garnier,
Vichy, La Roche-Posay, L'Oreal Professionnel, Kerastase, and Shu Uemura Art of
Hair. The US is the base for product development, international marketing and
advertising of L'Oreal's thirteen American brands: Maybelline New York, Soft
Sheen-Carson, Kiehl's Since 1851, Ralph Lauren Fragrances, essie, Redken 5^th
Avenue NYC, Matrix, Mizani, Pureology, SkinCeuticals, Dermablend, Clarisonic
and Urban Decay.

SAP's co-CEO, Bill McDermott said, "In establishing a single flagship New York
location, our only goal was to find the city's most innovative development.
Hudson Yards showcases the soul and spirit of renewal that will inspire SAP
employees, partners and customers to power a better run world and to improve
people's lives. We are honored to join with the City of New York and the
Related-Oxford team to fulfill the promise of this emerging neighborhood and
landmark project."

As market leader in enterprise application software, SAP helps companies of
all sizes and industries run better. Founded in 1972, SAP has a rich history
of innovation and growth as a true industry leader. Today, SAP has sales and
development locations in more than 50 countries worldwide. SAP applications
and services enable more than 232,000 customers worldwide to operate
profitably, adapt continuously, and grow sustainably.

Related Companies Chairman Stephen M. Ross said, "The Hudson Yards office
towers were designed for visionaries who demand a globally competitive work
place and world-class amenities for their employees and we are thrilled that
global beauty and software powerhouses L'Oreal and SAP, along with Coach,
Inc., will be locating at Hudson Yards. With construction already underway, we
look forward to continuing to implement our ambitious vision for the defining
development of the 21^st Century and the new heart of New York."

Oxford Chief Executive Officer Blake Hutcheson said, "The strength of the
brands moving their teams to the South Tower at Hudson Yards – from L'Oreal to
SAP to Coach – is a testament to the momentum behind the development and this
great period of growth in New York City. In 2015, the employees of these
leading companies will move to this state-of-the-art office tower and
experience every day one of the world's greatest new projects within one of
the world's most dynamic new neighborhoods. We are excited for them and for
all those associated with this compelling new vision."

Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc. said, "We
are honored to be the cornerstone of New York's next great neighborhood. Since
our founding more than 70 years ago, the city has been part of our culture and
its spirit is core to all that we do. We're delighted to be staying in the
community we have called home for so long. Our involvement in this project
reflects our confidence in Coach, the revitalization of the Hudson Yards
neighborhood and the unparalleled vibrancy of New York City. Our new
headquarters will reflect many of Coach's attributes, such as: innovation,
collaboration and quality, allowing all of our business units to operate under
one roof, reinforcing the cooperative way in which we work."

City Council Speaker Christine C. Quinn said, "The Hudson Yards development
speaks volumes about the attractiveness of New York City, and the West Side of
Manhattan in particular, to private investment. I'm thrilled that more leading
companies in their respective fields, L'Oreal USA and SAP, have joined Coach,
Inc. and will soon call the Hudson Yards their home and help bring thousands
of jobs to this new neighborhood."

Manhattan Borough President Scott M. Stringer said, "The addition of two more
premier companies as corporate tenants is further proof that Hudson Yards will
spur economic development and revitalize the far-West Side. I commend L'Oreal
and SAP for their pioneering decision to join Coach and base operations out of
the Hudson Yards development, a project that will bring jobs, affordable
housing, as well as cultural, educational and open space to area residents."

The development of the Hudson Yards is the largest private development ever
undertaken in New York City. Its construction is expected to create nearly
23,000 construction jobs, and once completed, 40,000 people will work in, or
call Hudson Yards their home. The office towers of Hudson Yards will be models
of resiliency and sustainability with on site co-gen power, multiple utility
feeds and daylight harvesting. The office floors will provide sweeping views
with floor to ceiling glass, underfloor air and wire management, and enhanced
stair and elevator capacity – all designed to provide the flexible, team based
workspace that is becoming the hallmark of forward thinking companies. Along
with extensive retail, health club, entertainment and dining amenities,
commercial tenants will enjoy cost-effective space and increased
productivity. As the cultural heart and business center of Manhattan
continues to move south and west, Hudson Yards offers global business leaders
an opportunity to relocate in New York City's new hub of creativity and

The 26-acre site will accommodate over 13 million square feet, including more
than 6 million square feet of commercial space; 750,000 square feet of
destination retail space with five floors dedicated to premier shops, cinemas,
specialty restaurants, markets and bars, a number of which will be programmed
by Danny Meyer's Union Square Events; approximately 5,000 residences; a new
school; and luxury hotel – all offering unparalleled amenities for residents,
employees and visitors. Hudson Yards is also strategically located at the
center of the region with unsurpassed connections to public transportation and
an incomparable network of parks and public plazas.

Founded 40 years ago, Related Companies is a fully-integrated, highly
diversified industry leader with experience in virtually every aspect of
development, acquisitions, management, finance, fund management, marketing and
sales. The Company's existing portfolio of real estate assets, valued at over
$15 billion, is made up of best-in-class mixed-use, residential, retail,
office, trade show and affordable properties in premier high-barrier-to-entry
markets. With offices and major developments in Abu Dhabi, Boston, Chicago,
Los Angeles, New York, San Francisco Sao Paulo and South Florida, Related is
well-known for having developed the 2.8 million square foot Time Warner Center
in New York City and the 72-acre CityPlace in West Palm Beach as well as being
a leader in green building.

Oxford Properties Group is a global platform for real estate investment,
development and management, with over 1,400 employees and over $20 billion of
real assets that it manages for itself and on behalf of its co-owners and
investment partners. Established in 1960, Oxford has regional offices in
Toronto, London and New York, and the company's portfolio includes
approximately 50 million square feet of office, retail, industrial,
multi-family and hotel properties. Oxford is the real estate arm of the OMERS
Worldwide Group of Companies.

For more information on Hudson Yards, please visit www.hudsonyardsnewyork.com,
or follow us on Twitter, Facebook and Pinterest. New renderings of the site
and recent construction photos are also available.

SOURCE Related Companies

Contact: Joanna Rose of Related at (212) 801-3902 or jrose@related.com
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