(The following is a reformatted version of a press release
issued by Related Companies and received via e-mail. The release
was confirmed by the sender.) 
April 10, 2013 
Prestigious Consortium of Investors and Lenders to Fund First
Tower in The New Heart of New York 
The South Tower, Home to Coach, Inc., L’Oréal USA and SAP,
Already Under Construction and Slated for 2015 Occupancy 
Related Companies and Oxford Properties Group today announced
that they have closed on nearly $1.4 billion in equity
investments and debt financing for Hudson Yards. A prestigious
consortium of investors and lenders will fund the first tower in
the development of Hudson Yards, the South Tower, which will be
home to renowned fashion brand Coach, Inc. (NYSE: COH, SEHK:
6388), leading beauty company,  L’Oréal USA, and market leader
in enterprise software applications SAP (NYSE: SAP). Select
investors are also making equity investments in a residential
tower on 30th and 11th Avenue, which will be a hybrid rental and
condominium tower. 
The South Tower, a 1.7 million square foot commercial tower on
the northwest corner of 30th Street and 10th Avenue is already
under construction and the residential tower on the northeast
corner of 30th Street and 11th Avenue is expected to commence
construction in 2014. Equity investors in the first phase of the
Hudson Yards include Coach, Inc., Related, Oxford, institutional
investors advised by J.P. Morgan Asset Management, and a
prominent sovereign wealth fund.  Construction financing is
being provided by a syndicate led by Starwood Property Trust,
which includes member organizations of the United Brotherhood of
Carpenters and Joiners, along with Oxford Properties Group. 
Jeff T. Blau, CEO of Related Companies said, “The show of
confidence from this elite group of investors and lenders is a
testament to the strength of Related and Oxford and the
compelling development we are creating at Hudson Yards. Together
we are not just investing in buildings, but in the future of New
York. Our diverse roster of global tenants, state-of-the-art
infrastructure, grand public spaces  and signature residential,
retail and cultural amenities make Hudson Yards not only the new
heart of New York but ensure it will be a vibrant destination
day and night.” 
Oxford Chief Executive Officer Blake Hutcheson said, “We are
proud to stand in the distinguished company of those associated
with Hudson Yards. Progress at Hudson Yards continues at a brisk
place, and we are pleased to have this sophisticated group of
investors participate in this remarkable project.” 
Boyd Fellows, President and Director of Starwood Property Trust
said, “We are thrilled to be involved is such an important and
exciting project that will ultimately redefine Manhattan’s West
Side. Providing customized financing solutions to world class
sponsors, Related and Oxford, for developments like Hudson Yards
showcases the competitive advantages of Starwood Property Trust
created by our scale and expertise. We look forward to watching
the project progress over the next several years.” 
Hilary Spann, head of real estate acquisitions, Northeast, for
J.P. Morgan Asset Management - Global Real Assets said, “Hudson
Yards will transform the west side of Manhattan, and it is
arguably the most important development underway in the country.
We are very pleased to partner with Related Companies, Oxford
Properties Group and this committed group of investors on such
an exciting project.” 
Douglas McCarron, General President of the United Brotherhood of
Carpenters and Joiners said, “Our commitment to the Hudson Yards
development is a win-win. Not only are we investing in a
historic development which will redefine New York, but the 26-acre Hudson Yards project will be the largest private sector
creator of union construction jobs, creating over 3,700 jobs for
our members.” 
The development of the Hudson Yards is the largest private
development ever undertaken in New York City and will create a
new center of commerce, culture and community. 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.  Furthermore,
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 innovation. 
The 26-acre site will accommodate over 13 million square feet,
including more than 6 million square feet of commercial space.
Building on the successful retail and restaurant programming
Related developed in The Shops at Columbus Circle, Hudson Yards
will be home to 750,000 square feet of destination retail space
with 5 floors dedicated to premier shops, cinemas, specialty
restaurants, markets and bars.  Danny Meyer’s Union Square
Events is expected to program a number of the spaces at Hudson
Yards featuring dynamic culinary and hospitality offerings such
as private dining spaces for tenants, unique signature events,
catered affairs and open-air cafés. 
Approximately 5,000 residences, a new school, and luxury hotel
will offer unparalleled amenities for residents, employees and
visitors. The new Hudson Park & Boulevard - a sweeping 4-acre
thoroughfare running north from West 33rd Street, The High Line,
The Hudson River Park and the public space to be created by on
the Hudson Yards site will create an incomparable network of
parks and public plazas that weave throughout Manhattan’s West
Side, connecting Chelsea, Hudson Yards and the Times Square
neighborhood. Plans are also underway to include a dramatic new
cultural facility designed by Diller Scofidio + Renfro and David
Rockwell. This unique facility, dubbed Culture Shed, will
welcome a range of activities spanning the worlds of art, design
and performance. 
Related Companies is the most prominent privately-owned real
estate firm in the United States. Formed 40 years ago, Related
is a fully-integrated, highly diversified industry leader with
experience in virtually every aspect of development,
acquisitions, management, finance, marketing and sales.
Headquartered in New York City, Related has offices and major
developments in Boston, Chicago, Los Angeles, San Francisco,
South Florida, Abu Dhabi, Sao Paulo and Shanghai and an existing
portfolio of real estate assets, valued at over $15 billion,
made up of best-in-class mixed-use, residential, retail, office
and affordable properties. Related has developed preeminent
mixed-use projects such as Time Warner Center in New York and
CityPlace in West Palm Beach and is currently developing the 26-acre Hudson Yards project on Manhattan’s West Side. Related also
manages over $1.5 billion of equity capital on behalf of
sovereign wealth funds, public pension plans, multi-managers,
endowments, Taft Hartley plans and family offices. For more
information about Related Companies please visit 
Oxford Properties Group is a global platform for real estate
investment, development and management, with over 1,400
employees and over $21 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. 
Starwood Property Trust, Inc. is focused on originating,
investing in, financing and managing commercial mortgage loans
and other commercial real estate debt investments, commercial
mortgage-backed securities, and other commercial real estate-related debt investments. The Company refers to commercial
mortgage loans, other commercial real estate debt investments,
CMBS, and other commercial real estate-related debt investments
as the Company’s target assets.   The Company also invests in
residential mortgage-backed securities and residential real
estate owned, and may invest in non-performing loans, commercial
properties subject to net leases and residential mortgage loans.
The Company is externally managed and advised by SPT Management,
LLC, an affiliate of Starwood Capital Group, and has elected to
be taxed as a real estate investment trust for U.S. federal
income tax purposes. 
J.P. Morgan Asset Management - Global Real Assets has
approximately $64.8 billion in assets under management and more
than 400 professionals in the U.S., Europe and Asia, as of
December 31, 2012.  With a 40-plus-year history of successful
investing, J.P. Morgan Asset Management - Global Real Assets’
broad  capabilities provide many of the world’s most
sophisticated investors with a global platform of real estate,
infrastructure, maritime/transport and energy strategies driven
by local investment talent with disciplined investment processes
consistently implemented across asset types and regions. 
The United Brotherhood of Carpenters is one of North America’s
largest building-trades unions, with nearly a half-million
members in the construction and wood-products industries.
For more information on Hudson Yards, please visit, or follow us on Twitter, Facebook
and Pinterest. New renderings of the site and construction
photos are also available. 
(sgp) NY 
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