Firm Signs $324 Per Foot Lease at Hudson Yards
The investment firm secures space in the new tower, a key indicator for commercial real estate investors.
Updated on Oct. 28, 2026 in Commercial
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Qube Research and Technologies has signed a lease for 60,000 square feet of office space across the top two floors of the 70 Hudson Yards tower. This expansion involves the tenant moving from its current offices at nearby 50 Hudson Yards into the under-construction project.
Why it matters
The $324 per square foot lease rate at the $2.5 billion 70 Hudson Yards project reflects significant demand for premium office space in Manhattan. This move highlights ongoing investment trends in the city's commercial sector as major tenants secure space ahead of the tower's projected 2028 completion.
The firm secured 60,000 square feet at $324 per square foot, a rate benchmarked against the $375 per square foot seen at 625 Madison Ave. This deal adds to the high-profile activity at 70 Hudson Yards, which previously finalized a $2.6 billion, 807,000-square-foot lease with Deloitte.
The players
Qube Research and Technologies
A quantitative investment firm that manages assets and secures high-end office space.
Deloitte
A major professional services firm that functions as an anchor tenant for commercial office developments.
Kuwait Investment Authority
A sovereign wealth fund that acts as an institutional investor in large-scale infrastructure and property projects.
Wells Fargo
A financial institution providing capital for commercial real estate development.
The details
The lease agreement covers the top two floors of the tower, which is currently undergoing development with the support of a $1.6 billion construction loan from Wells Fargo, Bank of America, and Standard Chartered PLC. The tenant is currently located on the 64th floor of 50 Hudson Yards. Financing for the broader $2.5 billion project also includes a $412.6 million stake purchased by the Kuwait Investment Authority.
Timeline
Construction began on the 70 Hudson Yards project in 2025.
The Deloitte lease and construction loan for the tower were finalized in 2025.
The new lease was officially announced in October 2026.
Construction of 70 Hudson Yards is expected to finish in 2028.
The 625 Madison Ave project is expected to open in 2029.
Money Landscape
This deal underscores the ongoing strength of the premium office market in Manhattan despite broader shifts in commercial real estate. It follows the 2025 construction loan agreement for 70 Hudson Yards, showing sustained capital commitment to top-tier office towers.
For household decision-makers with investments in commercial property trusts or real estate index funds, these lease rates serve as a signal for valuation trends in the Manhattan office sector. Consult with a qualified financial advisor to understand how commercial market shifts impact your diversified portfolio.
The takeaway
Large-scale commercial leases at prime properties provide a bellwether for the citys office sector and long-term project viability. Track future announcements regarding the 2028 completion of 70 Hudson Yards to gauge overall commercial market health.
Further reading
For broader market trends, read more in our Commercial section.
Source note: This article includes information reported by Bisnow.
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