The real estate arm of Trinity Church is ground leasing four Hudson Square office buildings that could be worth $1.25B, and the total could go even higher. Office rents in the area run in the mid-$70s/SF—around double what they were before restaurants and retail helped bump them up. The Trinity buildings are 98% occupied, according to the New York Post. The church may get a big upfront payment out of the deal, which would give it a revenue stream while it works on development projects that a recent rezoning in Hudson Square allows. [NY Post]
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