NGKF and CBRE Tapped to Lease up Hudson Square Portfolio
Liam La Guerre Oct. 17, 2016, 6:21 p.m.
CBRE and Newmark Grubb Knight Frank have been selected to market office and retail space in nine of 11 Hudson Square buildings, Commercial Observer has learned, because of their “diverse expertise” and “breadth” in the Midtown South neighborhood.
The entire portfolio, which is owned by Trinity Church Wall Street, Norges Bank Real Estate Management and Hines, is comprised of 5 million square feet, the majority of which is office space. Two of the buildings, 200 Hudson Street and 12-16 Vestry Street, “are fully leased with no impending vacancy,” according to a press release from Hines, which also functions as the asset manager, provided exclusively to CO. The brokerages will targeting a wide range of companies, according to David Falk of NGKF.
“Clearly we are looking to take these building to an even more impressive level,” Falk told CO. “With that we are looking for great brand names. It could be anything from media to tech and fashion.”
Falk is leading an NGKF team in the office leasing at 1 Hudson Square, 100 and 155 Avenue of the Americas and 205 Hudson Street. CBRE’s Howard Fiddle and Paul Amrich will work handle the office leasing at 10 Hudson Square, 225 Varick Street, and 345, 350 and 435 Hudson Street. NGKF’s Mitchell Friedel will oversee leasing for the 80,000 square feet of available retail space spanning the entire portfolio.
There is currently 370,000 square feet of office space currently available to lease in the portfolio, and an additional 190,000 square feet coming online over the next 18 months.
The owners decided to work with two brokerage firms because NGKF and CBRE is ‘responsible for more than two-thirds of leasing activity in the Hudson Square market,” according to the press release.
“These teams are complementary and collegial, and together they bring formidable talent and market knowledge to their assignments,” Tommy Craig, a senior managing director at Hines, said in a prepared statement. “CBRE and NGKF will help the market understand every floor, every space and every option that these assets offer.”
The landlords are planning a “comprehensive program for capital improvements throughout the portfolio,” according to a spokesman for Hines, who declined to elaborate about the renovations or how much it would cost.