375 Hudson St.
NEW YORK CITY—Publicis Groupe has signed a 960,000-square-foot lease at 375 Hudson St. The massive space includes a renewal of its existing 680,000-square-foot premises plus an expansion of an additional 280,000 square feet. The 20-year lease is the largest, longest-term deal in the Hines, Trinity Church Wall Street and Norges Bank Real Estate Management joint venture portfolio. The owners had formed the JV called Hudson Square Properties in 2016.
Additional terms of the lease were not disclosed. However, a leading commercial real estate research and analytics firm, the CoStar Group, tells GlobeSt.com that estimated rents in the building hover in the $80 per square foot range.
With Hines as the JV's the operating partner, Tommy Craig, head of Hines' tri-state office pointed out that Publicis has been in Hudson Square for more than 30 years. He expressed enthusiasm over the French advertising giant's commitment to stay in the building and the neighborhood.
“For more than 300 years, Trinity has been dedicated to building neighborhoods,” says the Rev. Dr. William Lupfer, the rector at Trinity. He says Publicis was among the first creative tenants in Hudson Square, noting the areas has become a hub for leading-edge media, advertising and technology companies.
“The returns from long-term transactions such as this support Trinity's mission in serving New York City, with our particular focus on issues of racial justice and housing and homelessness,” states Lupfer.
The property at 375 Hudson was built in 1987. Saatchi & Saatchi PLC, which was purchased by Publicis in 2000, was an original tenant of the building. While Trinity has owned the land for more than 300 years, the joint venture acquired the asset in August 2017 from Tishman Speyer, the original developer of the building.
The JV's portfolio of 12 properties total six million square feet of commercial space in Manhattan's Hudson Square neighborhood: 12-16 Vestry St., 200 Hudson St., 205 Hudson St., 75 Varick St., 100 Avenue of the Americas, 155 Ave. of the Americas, 345 Hudson St., 350 Hudson St., 10 Hudson Square, 225 Varick St., 435 Hudson St. and 375 Hudson St.
With the Publicis lease, the office portion of the 1,100,000-square-foot building is now 100% leased and will soon be 100% occupied.
CBRE's Howard Fiddle, Paul Amrich and Ben Joseph represented ownership. CBRE's John Maher, Paul Myers, Mike Wellen, Greg Maurer-Hollaender and Cara Chayet represented the tenant.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
