The Real Deal New York

Trinity, Norges seek operating partner for 11-building portfolio

Partners in talks with Hines, RXR, Silverstein, Tishman Speyer and others
April 13, 2016 11:05AM


From left: Norges’ Yngve Slyngstad, Trinity’s Jason Pizer and 1 Hudson Square

Trinity Real Estate and partner Norges Bank are on the hunt for a managing operator for their large portfolio of Hudson Square buildings, and they’re considering some of New York’s biggest names.

Hines, RXR Realty, Tishman Speyer and Silverstein Properties were all among the firms making presentations to Trinity and Norges last week, the New York Post reported.

Norges, Norway’s sovereign-wealth fund, paid $1.56 billion for a 44 percent stake in Trinity’s 75-year lease on the properties, which total about 1.2 million square feet of space, valuing the portfolio at about $3.5 billion.

CBRE’s Darcy Stacom and Bill Shanahan, who advised Trinity on the sale, are helping the firm, the real estate arm of Trinity Church, select an operator. Vornado Realty Trust’s Michelle Felman and Wendy Silverstein are also assisting as independent consultants.

Whichever firm is ultimately chosen could end up with 5 percent of Trinity’s stake, plus fees. [NYP, third item]Ariel Stulberg