NEW YORK, April 10, 2013 /PRNewswire/ -- Related Companies and Oxford Properties Group today announced that L'Oreal USA, the largest subsidiary of L'Oreal, S.A., the world's leading beauty company, and SAP (NYSE: SAP), the market leader in enterprise software applications, will join Coach, Inc. (NYSE: COH, SEHK: 6388), in the South Tower of Hudson Yards. Coach, Inc. has purchased 740,000 square feet for their global corporate headquarters, L'Oreal USA has leased an initial 402,000 square feet for their U.S. corporate headquarters, and SAP has leased 115,000 square feet on the very top four floors of the building. With these lease agreements, including expansion space, the South Tower is more than 80 percent committed.
The LEED Gold South Tower, designed by acclaimed global architects Kohn Pedersen Fox Associates (KPF), will stand 895 feet tall offering state-of-the-art commercial office and ground floor retail space. The building features panoramic views of the city and the Hudson River, with a total of 15,000 square feet of terrace space on three levels. Construction on the 1.7 million square foot tower – at the corner of 10 th Avenue and the north side of 30 th Street – began last year and the building is slated for occupancy in 2015. The South Tower promises to be one of the most unique buildings in the city due to its integration with the celebrated High Line and direct connection to the public plaza.
"Today's announcement recognizes the capacity and skill of our workforce and is another example of companies choosing to stay, invest and grow in New York," said Governor Andrew M. Cuomo. "We welcome L'Oreal and SAP to their new home alongside Coach in Hudson Yards, and look forward to continuing to support them in creating new jobs for New Yorkers and new investments in New York."
Mayor Michael R. Bloomberg said, "The Hudson Yards area is well on its way to becoming a top-tier destination to live, work and visit. World-class office space like the towers Related and Oxford are building will help keep New York City competitive in the global economy, and these commitments from leading corporations L'Oreal USA, SAP and Coach represent an important vote of confidence in our city's future."Frederic Roze, President and CEO, L'Oreal USA said, "The Hudson Yards development is at the core of a pioneering new neighborhood and L'Oreal USA is proud to be part of it. Relocating our corporate headquarters is an exceptional opportunity to provide our employees with a workplace for tomorrow and a headquarters that best represents our very creative and innovative company and our mission of beauty for all." L'Oreal USA is the largest subsidiary of the L'Oreal Group, the world's leading beauty company. In addition to corporate headquarters in New York City, L'Oreal USA has Research and Innovation and Manufacturing and Distribution facilities across seven other states including Arkansas, Illinois, Kentucky, New Jersey, Ohio, Texas and Washington. The company's portfolio of leading brands includes Lancome, Giorgio Armani Beauty, Yves Saint Laurent Beaute, Viktor & Rolf, Diesel, Cacherel, L' Oreal Paris, Garnier, Vichy, La Roche-Posay, L'Oreal Professionnel, Kerastase, and Shu Uemura Art of Hair. The US is the base for product development, international marketing and advertising of L'Oreal's thirteen American brands: Maybelline New York, Soft Sheen-Carson, Kiehl's Since 1851, Ralph Lauren Fragrances, essie, Redken 5 th Avenue NYC, Matrix, Mizani, Pureology, SkinCeuticals, Dermablend, Clarisonic and Urban Decay. SAP's co-CEO, Bill McDermott said, "In establishing a single flagship New York location, our only goal was to find the city's most innovative development. Hudson Yards showcases the soul and spirit of renewal that will inspire SAP employees, partners and customers to power a better run world and to improve people's lives. We are honored to join with the City of New York and the Related-Oxford team to fulfill the promise of this emerging neighborhood and landmark project." As market leader in enterprise application software, SAP helps companies of all sizes and industries run better. Founded in 1972, SAP has a rich history of innovation and growth as a true industry leader. Today, SAP has sales and development locations in more than 50 countries worldwide. SAP applications and services enable more than 232,000 customers worldwide to operate profitably, adapt continuously, and grow sustainably.