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Ground Lease Paves Way for $220M Redevelopment

NEW YORK CITY-The 99-year ground lease for 330 Hudson St. signed with Trinity Real Estate allows for the development of a 410,000 rentable sf mixed-use property.

By Natalie Dolce | Updated on September 12, 2007

NEW YORK CITY-Locally-based Tribeca Assoc. LLC together with capital partners Greenwich, CT-based Square Mile Capital Management LLC and Latus Partners have signed a 99-year ground lease with Manhattan-based Trinity Real Estate for 330 Hudson St. The transaction paves the way for the $220 million redevelopment of 330 Hudson St. to create a 410,000 rentable sf property including a luxury boutique hotel, class A office space and retail opportunities as GlobeSt.com reported Tuesday.

Designed by architects Brennan Beer Gorman, as GlobeSt.com previously reported, 330 Hudson St. will incorporate the redevelopment of the existing eight-story, vacant structure with the addition of an environmentally sensitive glass and brick tower that will bring the entire project to a total of 22 stories. The property will be comprised of 292,000-sq.ft.of rentable office space, 15,000-sq.ft. of retail space, and a 171-key luxury boutique hotel.

“We are delighted to work with Trinity Real Estate to net lease this exceptional property and begin to execute our plans to deliver an outstanding retail, office and hotel property to the Hudson Square neighborhood,” notes Bill Brodsky, a principal of Tribeca Assoc. The development will offer the largest contiguous block of class A office space in the Midtown South market, and also bring the first hotel to the heart of Hudson Square.

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