Regions Northeast | New York
NYC Mega-Deal Updates: Tishman Speyer Sails from Hudson Deal, Madison Square Garden Redo Moves Ahead
May 13, 2008

First the Moynihan Station deal stalled. Now the Hudson Yards plan is billowing smoke.

This just in from Rob Speyer, president of Tishman Speyer: "We have negotiated in good faith with the MTA for the last several weeks regarding Hudson Yards and could not come to a final agreement that was satisfactory to both of us. This morning we informed the MTA that we are withdrawing from the process immediately so it can proceed in another direction.

"We appreciate the MTA's commitment to develop Hudson Yards into a great place for New York and wish it the best as it pursues other alternatives. We want to express our gratitude to Mayor Bloomberg for his extraordinary efforts and leadership through this negotiation to facilitate a deal."

The deal broke down when Speyer made a last-minute demand to hold off committing until after the rezoning took place. Not the original deal, and the MTA had earlier stated that such a change would be unfair to other bidders eager to work on the Manhattan deal.

Then, the Moynihan project, already in turmoil because Madison Square Garden has decided to go ahead with a redo of its own, took a further step towards never happening. Madison Square Garden has secured Jones Lang LaSalle Inc. as the overall project manager for the arena’s renovation project, slated to begin construction in Spring, 2009.

Jones Lang LaSalle will work with the Garden to oversee all aspects of the renovation, from managing related personnel to establishing and managing the project’s timeline, to creation of the overall budget and financial controls, to coordinating the activities of several dozen consultants and construction partners over the renovation period. The Jones Lang LaSalle team will be led by Richard Jantz, senior vice president.

 
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