Trinity has not had an easy time unloading a prime site at 330 Hudson Street. The ecclesiastical landlord leased the site to a developer four years ago, but waited for months on end for a planned hotel conversion to go forward.
Trinity ultimately took back the lease, and today announced that a new 99-year ground lease has been signed with Boston-based Beacon Capital Partners. Now the site, considered vital to the area’s transformation, will become a 350,000-square-foot office building, according to a statement. We were hoping for something a bit sexier, but Trinity Realty President Jason Pizer apparently disagrees. “With several new hotels in the area,” he said, “the current proposed office/retail mix is clearly the most attractive and compelling development option.” At least the 20,000 square feet of retail on the bottom keeps our hope alive.
The proposed building could add 1,200 workers to the area, according to Trinity. “We are delighted to welcome a company with the strength, experience and track record of Beacon Capital Partners to Hudson Square,” Mr. Pizer said. “They are committed to moving forward expeditiously on this key property and we are confident the development will add immeasurably to the quality, vitality and excitement of this dynamic community.”
Indeed, Beacon Capital also recently closed on the landmarked AT&T building, so it’s clear they have no fear of a challenge.