SL Green, Vornado bid on 11-building Trinity Church portfolio

Hudson Square commercial offering increased from just four buildings

TRD New York /
Aug.August 19, 2015 08:30 AM

Trinity Church’s gargantuan 11-building cluster around Hudson Square is up for grabs, and the city’s biggest commercial players have thrown in their hats.

SL Green Realty, Vornado Realty Trust, Ivanhoe Cambridge, Norges Bank and Brookfield Property Partners are reportedly among the bidders for 99-year leases on millions of square feet of office and retail space. 

CBRE’s Darcy Stacom is handling the account for Trinity. The deadline for bids on the cluster was Aug. 6, the New York Post reported.

The portfolio is centered on One Hudson Square, a 17-floor, 1.2 million-square-foot office building occupying its entire block. The massive agglomeration  also includes 387,000 square feet at 200 Hudson Square, 401,000 square feet at 205 Hudson Square, and 61,000 square feet at 12-16 Vestry Street, along with seven other buildings in the area.

Trinity offered a similar, smaller portfolio of commercial buildings to many of the same bidders earlier this year. That deal was expected to bring in about $1.5 billion. The company, the real estate arm of Trinity Church, reconsidered in the face of underwhelming early bids.

Sources close to the bidders told The Real Deal at the time that it was unrealistic to ask for up-front payments for such long-term leases. “They were hoping somebody would hold their nose and live with it,” one source said. “It was very naïve.”

Trinity owns about $3 billion worth of real estate in the city, roughly 5.5 million square feet. [NYP] – Ariel Stulberg

Related Articles

Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

220 Central Park South and Michael Cantanucci (Credit: Getty Images and Google Maps)

Car dealer drops $38M for condo at 220 CPS

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

Jacob Chetrit buying Daily News building from SL Green for $815M

Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Facebook in talks for massive lease at Vornado’s Farley Building

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

Vornado president Michael Franco and 512 West 22nd Street (Credit: VNO)

WarnerMedia to anchor Vornado’s West Chelsea spec office