Qube Inks 52K-SF Deal at Related and Oxford’s 70 Hudson Yards Development
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $14.3B across 77 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Related Companies and Oxford Properties ’ 70 Hudson Yards — a roughly 1.4 million-square-foot office tower that won’t be complete until 2028 — has secured another office tenant, Commercial Observer has learned. Qube ,…
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