Now that the Durst Organization and Vornado Realty Trust are also-rans in the Hudson Yards sweepstakes (but hey, a silver medal ain't bad), the companies' proposed anchor tenant—magazine megapublisher Condé Nast—may be looking to switch sides. In today's Women's Wear Daily (a Condé title), Amy Wicks writes that the company "possibly has a shot at office space under Tishman Speyer's plan." Also, Morgan Stanley may be back on board, even though they dumped Tishman a little while back. Oh, so now that Tishman is the hot shit in town, you want to get back together, Morgan? Yeesh! Anyway, getting back to Condé Nast, a memo was sent out to employees by COO John Bellando that read:
Last October, I informed you of our intention to consider constructing a new office tower in connection with a proposal by The Durst Organization and Vornado Realty Group to develop the West Side Rail Yard - also known as the Hudson Yards.
Yesterday, the Metropolitan Transportation Authority selected a different bidder to develop this property. However, several other promising real estate development opportunities have been brought to our attention and we intend to continue to explore all of our options for a new office tower in the 2013 - 2016 timeframe.
With megalandlord Tishman Speyer nearly in possession of the West Side Rail Yards, the other bid still in consideration—the joint proposal made by the Durst Organization and Vornado Realty Trust—is getting a late push to remain in the Hudson Yards conversation (above, a refresher on the eco-friendly, slightly insane Durst/Vornado bid, designed by FXFowle and Pelli Clarke Pelli). Charles Bagli wades into the showdown in the Times today, and here's why the Durst/Vornado bid makes sense, according to some: 1) Durst/Vornado has an anchor tenant in place for office space, Condé Nast. Morgan Stanley dropped out of Tishman's bid. 2) The Durst/Vornado proposal includes twice as much housing (7,000 units), seen as a safer bet in these troubled times than Tishman's office-heavy plan. 3) Tishman Speyer came in dead last in our Hudson Yards poll. OK, the MTA probably isn't taking that one into consideration. So why are the powers-that-be leaning toward Tishman Speyer? Because of the company's "blue-chip aura and its access to capital from around the world," Bagli writes. Well, if those are the characteristics that matter, we should feel lucky the MTA didn't enlist Bear Stearns to help out with financing.
· At 11th Hour, Rivals Vie for Deal on West Side Railyards [NYT]
· West Side Yard [durstvornado.com]
· Yardsmania Update-o-rama: Tishman Must Get Sexy? [Curbed]
· CurbedWire Special: Tishman Speyer Taking Hudson Yards? [Curbed]
The Hudson Yards development plan created by Tishman Speyer—with architects Helmut Jahn and Peter Walker—has emerged as the frontrunner in the past 24 hours, according to the New York Times. You may recall that Tishman's proposal featured Morgan Stanley as an anchor tenant—an anchor tenant that has now sailed away. Still, the MTA is said to be in final negotiations with Tishman, with plans to formally present the plan to its board for approval this Wednesday if final details can be worked through. (The other proposal that's still breathing is said to to be Durst/Vornado.) Above, a photogallery of the Tishman plan, and here's Curbed's original take on it. Developing...
· MTA Leaning Towards Tishman Speyer Railyards Bid [NYTimes]
· Yardsmania: Tishman Speyer Calls a Forum [Curbed]
Remember the glorious image above? Helmut Jahn and Peter Walker's vision of a "town square" surrounded by gleaming new skyscrapers, apartments and community facilities? It's the stuff dreams are made of, and in the end, a dream is precisely what it is. Charles Bagli reports in the Times today that Morgan Stanley, Tishman Speyer's anchor tenant in its bid for the development rights at the Hudson Yards, has dropped out of the plan over concerns that the company's new headquarters would not be built in time for a 2013 move-in. This comes on the heels of Brookfield Properties' departure from the Hudson Yards race, and the MTA's revised demands for the property. Tishman Speyer has not withdrawn its bid, but this could be a crushing blow. The latest series of events can be looked at in two ways: 1) The Hudson Yards are reeling due to the MTA's demands and the credit crunch, or 2) We're that much closer to Murdochville, baby! Wooooooooooo! MySpace! MySpace! MySpace!
· Morgan Stanley Retreating From Railyards Development [NYT]
· Late-Breaking CurbedWire: Brookfield Out at Hudson Yards [Curbed]
· Yardsmania Stunner: MTA Wants Bigger Piece of the Pie [Curbed]
Now that the Durst Organization and Vornado Realty Trust are also-rans in the Hudson Yards sweepstakes (but hey, a silver medal ain't bad), the companies' proposed anchor tenant—magazine megapublisher Condé Nast—may be looking to switch sides. In today's Women's Wear Daily (a Condé title), Amy Wicks writes that the company "possibly has a shot at office space under Tishman Speyer's plan." Also, Morgan Stanley may be back on board, even though they dumped Tishman a little while back. Oh, so now that Tishman is the hot shit in town, you want to get back together, Morgan? Yeesh! Anyway, getting back to Condé Nast, a memo was sent out to employees by COO John Bellando that read: 
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