Command Financial Press has signed a new 28,484-square-foot lease at Trinity Real Estate’s 345 Hudson Street in Hudson Square – a relocation from its current offices located just blocks away at one of Trinity’s other properties.
The provider of financial printing solutions signed a 15-year lease for half of the fourth floor of the building Read More
Overall, Manhattan rents were flat in June after posting impressive increases through April and May. Midtown’s starting rent increases continued as several more leases for high-end office space were signed. Midtown South saw leasing activity and rents drop slightly—a normal occurrence in the month after a rare large Class A office lease is signed (Facebook at 770 Broadway). Downtown rents remained flat despite reasonable activity, posting a miniscule drop, which can be attributed to large blocks of space becoming available.
June’s largest office deals included Och-Ziff in the Solow Building, New York Media in Hudson Square, and New York County Health Services Review Organization in City Hall.
Perhaps better known as the gateway to the Holland Tunnel, the burgeoning Midtown South submarket Hudson Square has, in recent years, begun to attract the type of creative tenants that in previous years flocked to neighboring Chelsea and NoMad.
Dominated largely by Trinity Real Estate, with its centuries-old real estate tradition, the market’s other owners have started to cater their properties to an exciting new breed of tenant, and a neighborhood improvement plan is not far behind.
Trinity Church boasts over three centuries of landownership in New York City, dating back to 1705, when Queen Anne gave a 250-acre land grant in what is now Hudson Square to the parish. Bounded by Greenwich Street to the west, Avenue of the Americas to the east, Houston Street to the north and Canal Street to the south, Hudson Square has more recently benefited from Midtown South’s increasing popularity with the creative class. Jason Pizer, president of Trinity Real Estate, spoke with The Commercial Observer last week about Trinity’s presence in the market, the evolution of Midtown South and the future of Hudson Square as rezoning stands to revitalize the neighborhood once again.
Stat of the Week
Flash back to the year 2007: Manhattan real estate was red-hot, and asking rental rates were at all-time highs across all 19 submarkets tracked by Cassidy Turley.
But then the financial world collapsed, and real estate quickly followed. Instead of a long, drawn-out down cycle, the market showed resilience and began to bounce back in 2010. Since that time, though, only three out of the 19 submarkets’ current overall average asking rents have surpassed those historical highs from 2007, with nine of the submarkets still 10 to 25 percent off those numbers.
iN DEMAND has renewed their lease in Hudson Square.
The entertainment company will continue to occupy their 50,000 square foot office in Trinity Real Estate’s 345 Hudson Street. The company is known for being a leader in providing transactional entertainment through television, such as Video on Demand (VOD) and Pay Per View (PPV).
International athletic apparel company, Adidas, signed a 10-year, 15,220-square-foot lease at Trinity Real Estate’s 435 Hudson Street. The space will be used by the company’s US-based marketing team as a showroom and event venue.
The asking price was $65 per square foot.
The new location is a relatively short walk from Adidas’ other location at Read More
The industrial vibe of Hudson Square has beckoned media and tech firms in recent years, including New York magazine, MTV and now the New York Genome Center.
Now, analysts predict that the next industry on the list for Trinity Church, the religious institution that controls much of the area’s property, will be fashion.
Trinity Real Estate brokers lured high-end fashion designer Thakoon Panichgul into a 12,000-square-foot space at 225 Varick Street while also signing leases with Tory Burch and 3.1 Phillip Lim in recent months.
One of the first sales in an area of Hudson Square that could soon be rezoned has closed.
100 Vandam Street, a 40,000-square-foot office building in Hudson Square, a building near the corner of Vandam Street and Greenwich Street, has been acquired for nearly $30 million, the building’s sales broker announced.
Every real estate investor dreams of the moment when, through diligence, smarts or luck, he or she finds a building whose potential is at once dazzling and wholly unrealized. Such discoveries can lead to deals that make fortunes, even careers.
It is not a surprise, then, that a steady procession has taken place over the Read More
Fashion designer Tory Burch is taking two floors, at an impressive 80,000 square feet, at 350 Hudson Street.
The women’s wear and accessory designer will take the 5th and 6th floors in the Hudson Square building, which is owned by Trinity Real Estate.
Marc Packman and Charles Laginestra, both of Trinity Real Estate, represented the landlord Read More
An insurance company has renewed its lease in the increasingly media- and startup-friendly enclave of Hudson Square.
Frenkel & Co., an independent insurance company, has signed a seven-year lease renewal for 39,000 square feet on the fourth floor of 350 Hudson Street for its corporate headquarters, The Commercial Observer has learned.
Not included in Pearson’s announcement last week to relocate from its headquarters in Upper Saddle River, New Jersey, was news of an expansion the firm has secured at 330 Hudson Street in Manhattan, The Commercial Observer has learned.
A Trinity Real Estate-owned Hudson Square office building has reached 100 percent occupancy after it lured NYU-Poly Varick Street Incubator away from another Trinity-owned building into a bigger space, signed Paik Architecture PLLC to new office space, and agreed to give current tenant Unity Construction Development additional space, The Commercial Observer has learned.
Having met maximum capacity, 137 Varick Street now has an eclectic collection of tenants that range from Alexander Gorlin Architects, online job search company TheLadders, and Scott Jordan Furniture.
Lease of the Week
Notwithstanding WeWork’s impressive track record of growth and success in the city, Sean Black knew his tenant wasn’t necessarily going to be an easy sell to landlords.
In just over a year, WeWork had opened three thriving locations, in midtown, Soho and the meatpacking district. The company leases offices, then prepares the facility for smaller tenants and rents out the space on a desk-by-desk basis.
Though there are several companies in the city in what is known as the office-suite business, WeWork has created a distinct concept by constructing space with open floorplans and glass partitioning, a layout that fosters interaction between the tenants.