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Trinity Church Buys Hudson Square Office Building From Tishman Speyer

375 Hudson St. in Hudson Square, Manhattan

For the first time since Tishman Speyer built 375 Hudson St. 30 years ago, the 1.1M SF concrete-and-glass office building is in another entity's hands.

Trinity Real Estate, the subsidiary of Trinity Church in charge of the religious organization's impressive New York City real estate portfolio, has acquired the property for an undisclosed sum, The Real Deal reports. The property was New York City's first LEED Gold-certified existing office building in 2010.

Trinity, which owns the land on which the building sits, secured a $400M acquisition loan from Goldman Sachs, belying a deal that could be worth more than $500M. Saatchi & Saatchi occupies more than half of the fully leased property, which includes 15K SF of ground-floor retail.

The deal comes amid one of the slowest periods in recent years in New York City investment sales activity. While there has been more than one deal worth around $1B, overall deal volume and cash value is way down this year from 2016 and the market's peak in 2015.