(NEW YORK) – MG Properties, the real estate investment and development arm of McCourt Global, announced today an equity and development partnership with Hines, the international real estate firm, on the development of its mixed-use project at 360 Tenth Avenue in New York City.
Additionally, it was announced that MG Properties and Hines have selected SHoP Architects to design the high-profile project.
In 2013, 360 Tenth Avenue was purchased from Sherwood Equities for approximately $167.5 million.
The property, which is immediately adjacent to Hudson Yards at 31st Street on Manhattan’s West Side, is zoned for up to 733,406 square feet of Total Zoning Floor Area (ZFA).
“We are very pleased to have the world class team at Hines join us on 360 Tenth,” said Drew McCourt, president of MG Properties.
“The addition of SHoP’s creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood.”
“We are excited to partner with the McCourt team on 360 Tenth and welcome the opportunity to expand our development work into the heart of Manhattan’s fastest growing new neighborhood,” commented Tommy Craig, Hines’ senior managing director for the New York office.
Recently named the world’s most innovative architecture firm by Fast Company, SHoP has been a creative force behind many notable projects in New York City in recent years, including: 111 West 57th; 626 First Avenue; Gotham Gateway; the Domino Sugar Refinery and Barclays Center.
"We are thrilled to be working with McCourt and Hines to design this important new tower at the terminus of the High Line and the hinge between the Hudson River and Penn Station. We hope to create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline." said Vishaan Chakrabarti, a partner at SHoP Architects.
About MG Properties
MG Properties is the real estate investment and development arm of McCourt Global, a diversified investment company with real estate interests that include a 740,000 square foot, mixed-use development project at 360 Tenth Avenue in New York City; a 1.4 million square foot development project on Waller Creek in Austin, Texas; and approximately 260 acres of land in Chavez Ravine in Los Angeles.
MG Properties is based in New York City.
Additional information can be found www.mg.com.
Hines is a privately owned firm involved in real estate investment, development and management worldwide. The firm’s portfolio of projects underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a global leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR® and other green building rating systems. Visit www.hines.com for more information.