The Real Deal New York

Trinity shopping four ground leases in Hudson Square

Deal could be worth $1.25B

March 25, 2015 08:35AM

Trinity Church Hudson Square

From left: 12-16 Vestry Street and One Hudson Square

Trinity Real Estate is ground leasing four office buildings in Hudson Square.

The 99-year lease on the properties — for which proposals were due last week — could fetch $1.25 billion or more as rents have skyrocketed to the mid-$70s in the area, according to the New York Post and Real Estate Alert.

CBRE’s Michael Laginestra, David Maurer-Hollaender, Michael Geoghegan and Joan Meixner are marketing the leases.

Trinity’s four buildings in Hudson Square — which was rezoned in 2013 in part to help attract more creative and technology tenants to the area, but also to create more residential development — are about 98 percent occupied, according to the Post. The 1.2 million-square-foot One Hudson Square, located between Canal, Varick and Watts streets as well as a Holland Tunnel entrance, is the largest of the four.

The other three buildings are 200 Hudson Street — a 12-story building that spans 387,000 square feet — as well as the 401,000-square-foot 205 Hudson Street and 12-16 Vestry Street, which is a seven-story, 61,000-square-foot property that was built in 1892, the newspaper reported.

Trinity Church‘s real estate arm owns roughly $3 billion worth of real estate in New York, divided across 14 acres and 5.5 million square feet. [NYP, 3rd] and [REA]— Claire Moses

  • FallOut

    “Trinity Church‘s real estate arm owns roughly $3 billion worth of real estate in New York, divided across 14 acres and 5.5 million square feet”

    And how much of their net worth do they give to charity and the poor, this poor excuse for a Christian church?

  • Jacob Riis unrelenting, self-promoting criticism of Trinity’s real estate over decades had the result of causing them to tear down 150 chaming, irreplaceable Federal townhouses and replacing them with factory buildings, destroying my neighborhood.

    People should shut up already, with their cheap shots, and let real estate be real estate.

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