The United Nations (UN) puts more than 20,000 people to work in New York, making it one of the citys largest job providers. City officials struck a deal recently that will keep the UN, and those jobs, in Manhattan for many more years. The UN has committed to multiple long-term leases at UN Plaza, New York City Mayor Eric Adams said in a press statement. The lease renewal will coincide with a major $500 million redevelopment to One and Two UN Plaza led by Spacesmith, a New York office.A $500 million investment by the United Nations Development Corporation (UNDC)a public benefit corporation founded in 1968will finance the project, assuaging concerns that tax payers could have to shoulder the costs.UNDC said that it has plans to issue up to $380 million in bonds to pay for the project. The underwriters for the bonds are Goldman Sachs and Siebert Williams Shank.Having the United Nations headquartered in New York City is a powerful, symbolic reminder of our citys proud reputation as a global capital along with being an economic engine and job creator, Mayor Adams said. The UN Headquarters was completed in 1953 by Wallace Harrison, Le Corbusier, Oscar Niemeyer, and company, but the last serious renovation work that happened there was by Heintges more than a decade ago.The $500 million development plan helmed by Spacesmith will entail multiple building-wide renovations, together with UNDC and the tenants of leased office spaces. The overall development will comprise 900,000 square feet.Buildings will get new systems to improve energy efficiency under the purview of New York States BuildSmart 2025 program, which sets ambitious energy goals. Other upgrades will be fire safety and accessibility improvements.Construction is set to begin in the second quarter of 2025 and conclude in 2027.The announcement comes almost one year after Bjarke Ingels Group, Soloviev Group, and Mohegan shared their vision for Freedom Plaza, a massive mixed-use development for the blocks immediately south of UN Headquarters.