Sydney & London Properties and leading U.S. real estate developer Related Companies today announced that they have formed a partnership to pursue redevelopment of the Euston station area subject to Government consent to pursue the project. Sydney & London Properties act as Project Manager for the Euston Estate—the only landowner other than Network Rail Infrastructure Limited on the existing 12-acre Euston station site.
Related Companies is the most prominent privately-owned real estate firm in the United States and is currently developing Hudson Yards, a 28-acre mixed-use development over 30 live rail tracks in Midtown Manhattan. The Euston Regeneration Partnership (ERP) believes that material funding created by a public-private partnership would allow for the realisation of a world-class station, whilst providing a comprehensive mixed-use re-development creating significant financial incentives for the Government and Camden council to pursue this alternative.
Richard Anning, chief executive of Sydney & London Properties, commented: “We held a world-wide search for a developer with the experience, skills, track record and financial capabilities to partner on this project and are pleased to team up with Related Companies, whose vast expertise and ability to source capital will help us realise Euston’s vast potential. The size, range, success and innovative nature of Related’s previous projects speak for themselves, including the massive 17-million-square-foot Hudson Yards project, which is the largest real estate project in the U.S. and has a number of key similarities with Euston, including the necessity to work above live rail tracks. Both Sydney & London and Related believe there is significant potential in a broad scale re-development scheme on the 35-acres site proposed by the Hybrid Bill and are staunchly committed to exploring the opportunity. We believe our proposal can provide the best outcome for all of Euston’s stakeholders and will continue to discuss our plans with the Government and other stakeholders until a decision on the station’s future is reached.”
Kenneth Wong, chief operating officer and director of international development of Related Companies, said, “We have long known that London is a world-leading market and are very excited by the opportunity to collaborate with Sydney & London Properties and the public sector to redevelop the Euston Station area. We understand that all interested parties, including Parliament, will undertake a thorough process of deciding HS2 and the opportunity for over-station development. We look forward to contributing to that dialogue and are committed to seeing this process through to conclusion. Related has an over 40-year track record of delivering transformational mixed-use developments including the ambitious 17-million-square-foot Hudson Yards project that is redefining 28 acres of Manhattan’s West Side. Working together with all stakeholders, we will create a dynamic program that will connect to the fabric of the city, create a new destination and realize the area’s full potential.”
Notes to Editors:
In July 2005, The Euston Estate Limited Partnership together with related interests became the only landowner other than Network Rail Infrastructure Limited on the 12 acre Euston station site. Sydney & London Properties Limited has acted as Project Manager for the entire Euston Estate since then. The Euston Estate comprises the four office buildings fronting Euston Station: Grant Thornton House, One Euston Square, One Eversholt Street and The Podium; over 300,000 sq ft of prime commercial office space in an exceptional business headquarters location.
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao Paulo and Shanghai and an existing portfolio of real estate assets, valued at over $15 billion, made up of best-in-class mixed-use, residential, retail, office and affordable properties. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s West Side. Related also manages over $1.5 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices. Related is staunchly committed to sustainable design with over $10 billion in green development underway or completed. Related also owns Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering, and a partnership interest in Union Square Events, the catering, culture, sports, and events business of Danny Meyer’s Union Square Hospitality Group. For more information about Related Companies, please visit www.related.com.
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