Trinity buys Tishman Speyer’s 375 Hudson, lands $400M loan

Goldman Sachs is the lender on the leasehold purchase

New York /
Aug.August 16, 2017 07:00 PM

Trinity Real Estate bought Tishman Speyer’s leasehold on the office building at 375 Hudson Street for an undisclosed amount, sources told The Real Deal. The church, which already owns the land under the building, funded the acquisition with a $400 million, 10-year fixed-rate loan from a Goldman Sachs affiliate.

Trinity, the real estate arm of Trinity Church, and Tishman Speyer could not immediately be reached for comment, but a source close to the religious organization confirmed the deal.

Cushman & Wakefield’s Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus brokered the loan.

Tishman Speyer completed construction of the building in 1987 and has held the leasehold ever since. The 19-story building in Hudson Square includes 1.1 million rentable square feet of office space and is currently 100 percent leased.

Communications and advertising agency Saatchi & Saatchi occupies more than half of the the building. Last year, ad agency Rokkan inked a 35,000-square-foot lease at the property.

In 2015, Trinity sold a 44 percent stake in 11 Hudson Square buildings to Norway’s sovereign wealth fund Norges Bank Investment Management for $1.56 billion. It wasn’t immediately clear whether Norges was a part of this latest deal.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

Extell makes its Diamond District hotel official

Extell makes its Diamond District hotel official
From left: President Donald Trump, Blackstone's Jonathan Gray and Tishman Speyer's Rob Speyer (Getty)

Real estate execs, business leaders urge Trump to begin transition

Real estate execs, business leaders urge Trump to begin transition
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
CoStar’s Andrew Florance and Homesnap’s John Mazur (CoStart; LinkedIn)

CoStar to acquire Homesnap for $250M

CoStar to acquire Homesnap for $250M
From top: Park Place Mall in Tucson, AZ with Brookfield Property Partners CEO Brian Kingston; Westfield Countryside in Clearwater, FL with Unibail-Rodamco-Westfield CEO Christophe Cuvillier; and The Mall at Tuttle Crossing in Dublin, OH with Simon Property Group CEO David Simon (Google Maps, Westfield, Simon, Getty)

These are the biggest malls landlords ready to hand over to CMBS lenders

These are the biggest malls landlords ready to hand over to CMBS lenders
(iStock)

Ski resorts gear up for tough season in the shadow of pandemic

Ski resorts gear up for tough season in the shadow of pandemic
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...