Trinity Church Real Estate has signed a 99-year lease with an affiliate of Beacon Capital Partners for an entire office building at the stalled development site at 330 Hudson Street, between Charlton and Vandam streets, according to Crain’s, marking Beacon’s second investment in New York City in two months.
Last month, Beacon signed on to buy 70 to 80 percent of 195 Broadway from L&L Holding and GE Pension Trust.
The terms of Beacon’s deal with Trinity were not disclosed.
A nearly year-long legal battle between Trinity and Tribeca Associates ended last year with Trinity taking back the lease on the site. Trinity granted Tribeca a 99-year lease on the space four years ago, but construction stalls led to threats of foreclosure from Trinity.
Trinity has obviously come to a more amicable agreement with Beacon.
The Boston-based firm is planning a 350,000-square-foot office building for the site, including 20,000 square feet of retail space.
“With several new hotels in the area, the current proposed office/retail mix is clearly the most attractive and compelling development option,” Jason Pizer, president of Trinity, said.
Trinity had been negotiating for British media company Pearson to move into the building, Crain’s reported. [Crains’]