KKR Buys Stake in Observation Deck at NYC Hudson Yards Tower
(Bloomberg) -- KKR & Co. bought a majority stake in the observation deck at Manhattan’s 30 Hudson Yards, the highest viewing platform in the Western hemisphere.
The purchase price was more than $500 million, according to a person with knowledge of the transaction. KKR also has its corporate headquarters in the tower, built by Related Cos. as part of its massive real estate development on the far west side.
Related and KKR confirmed the investment in a statement Wednesday. The observatory, dubbed Edge, is 1,110 feet (338 meters) above the ground and on the skyscraper’s 100th floor. It is open to the public. Hudson Yards will continue to manage it, according to the statement.
The deal comes even as tourism remains muted across New York after taking a big hit from the pandemic, which halted travel. With borders expected to open next month to international travelers, visits are expected to pick up.
KKR announced a deal to buy its office space at 30 Hudson Yards in 2015. The firm has about 343,000 square feet (32,000 square meters) on the top 10 office floors of the tower. Wells Fargo Securities, Facebook Inc. and Related also have space in the building.
©2021 Bloomberg L.P.