New building slated for Hudson Square, NYC

Home » architecture » New building slated for Hudson Square, NYC

New building slated for Hudson Square, NYC

| architecture, buildings, construction, new buildings, recession | June 09, 2011

Beacon Capital Partners signs 99-year lease to erect a 350,000-square-foot building with office and retail space at 330 Hudson St. It’s the second big deal in two months for Beacon.

Link to building site here 

Trinity Real Estate signed a 99-year lease with an affiliate of Beacon Capital Partners to build an office building at the stalled development site at 330 Hudson St.

It is Beacon’s second investment in New York City in two months. In May, it signed a contact to buy between 70% and 80% of landmarked 195 Broadway from L&L Holding and its capital partner, GE Pension Trust, sources familiar with the transaction said.

Financial terms of Beacon’s deal with Trinity were not disclosed. The Boston-based real estate investment firm is planning an approximate 350,000-square-foot office building, including about 20,000 square feet of retail space at its base. Plans call for incorporating the site’s existing eight-story former warehouse into the new building, according to a Thursday statement by Trinity.

The proposed building is “as-of-right” and requires no zoning changes.

“We are delighted to welcome a company with the strength, experience and track record of Beacon Capital Partners to Hudson Square,” said Jason Pizer, president of Trinity Real Estate, in a statement. “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.”

Several years ago Trinity leased the building to Tribeca Associates, which had planned to build a hotel on the site. However, Trinity took the site back last year after a nasty legal battle.

“With several new hotels in the area, the current proposed office/retail mix is clearly the most attractive and compelling development option,” Mr. Pizer said. He also pointed out that recent leasing activity throughout the portfolio offers another strong indication of Hudson Square’s promising future.

Meanwhile, Trinity had been negotiating for Pearson, the British media giant, to move into 330 Hudson St., sources said. It is unclear if those negotiations are still continuing.

Pearson would be a good fit for Trinity, which has turned its holdings in Hudson Square, just north of the Holland Tunnel entrance, into a mecca for media and creative firms. Pearson, whose holdings include Penguin Books and Financial Times, has offices in at least two buildings in New York: 1330 Sixth Ave. and 375 Hudson St.

Beacon, whose local holdings include 1211 Sixth Ave., was established in January 1998 and has sponsored seven investment vehicles with $11 billion in capital since its inception. Sources have said it is considering selling 1211 Sixth Ave.

About the author

Drawing upon original ideas and extensive personal and professional experience in the field, David McFadden crafted this article to explore the untapped potential of making historic architectural masterpieces more sustainable. After working at various design practices—both full-time and freelance—and launching his design firm, David identified a significant gap in the industry. In 1984, he founded Consulting For Architects Inc. Careers, an expansive hub designed to align architects with hiring firms for mutual benefit. This platform enables architects to find impactful design work and frees hiring firms from the time-consuming cycles of recruitment and layoffs. David’s innovative approach to employer-employee relations has brought much-needed flexibility and adaptation to the industry. As the Founder and CEO, David has successfully guided his clients and staff through the challenges of four recessions—the early ’80s, early ’90s, early 2000s, the Great Recession, the pandemic, and the current slowdown due to inflation and high-interest rates.

No comments so far!
New Jobs