Trinity Puts $1.5B Hudson Square Deal on Hold
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Trinity Real Estate, the real estate arm of Trinity Church, is reconsidering plans to ground-lease four Hudson Square buildings. Trinity was offering 75-year leases for 1 Hudson Square, 200 Hudson, 205 Hudson and 12-16 Vestry St. It was asking for single upfront payments in a deal that could net the church up to $1.5B, The Real Deal reports. Bids came in from major players like Vornado Realty Trust, SL Green, Ivanhoe Cambridge and Brookfield Office Properties. It's possible the change of heart came from pushback from bidders who didn't want to pay upfront for a 75-year lease. Some believe Trinity could add more properties to the offering. Trinity owns about $3B of real estate in New York in a 5.5M SF portfolio largely in Hudson Square. [TRD]