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 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