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Mickey Mouse is leaving the Upper West Side for Hudson Square.
The Walt Disney Co. has struck a deal to acquire 4 Hudson Square, a full-block development site, from Trinity Church for $650M. Disney plans to demolish the buildings on the site — bounded by Hudson, Spring, Varick and Van Dam streets — and construct a new New York headquarters where it plans to film shows like "The View" and "Live with Kelly and Ryan."
Disney will sign a 99-year ground lease with the church, which has controlled the property since it was given the land in a grant from Queen Anne in the early 18th century, according to the church.
Disney will leave its campus along West 66th Street and West End Avenue, which it is under contract to sell to Silverstein Properties for $1B. That transaction includes a clause in which Disney would lease the space back for up to five years while it builds its new campus near the creative office epicenter of Manhattan.
“This move represents an historic step forward toward our long-term vision for our New York operations," Disney CEO Robert Iger said in a statement. "The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses. We are pleased and proud to be joining this exciting community and look forward to investing in the growth and development of the neighborhood.”
Eastdil Secured represented Disney in the deal, while CBRE brokered the ground lease deal for Trinity.
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