A joint venture of Trinity Church, Norges Bank and Hines has purchased 375 Hudson Street from Tishman Speyer in a deal that values to property at $865 million.
In a statement, Norges Bank Real Estate Management said it acquired a 48 percent interest in the office building in 93-year ownership interest of the leasehold for $223 million.
The bank subsidiary said Hines will serve as the operating partner and has also acquired a one percent interest from Trinity Church Wall Street.
Cushman & Wakefield served as the exclusive advisor to Trinity Wall Street in arranging $400 million in acquisition financing for the deal.
The senior mortgage financing was provided by affiliates of Goldman Sachs Mortgage Company.
Constructed in 1987, 375 Hudson Street is a 19-story Class A office and retail building with nearly 1.1 million square feet of rentable area including 17 floors of office space, ground floor retail space, a gym and rooftop running track.
The Property’s office space is 100 percent leased, anchored by Saatchi & Saatchi which occupies more than 62 percent of the space.
A Cushman team of Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus represented Trinity Wall Street in the financing..
“375 Hudson presented lenders with an institutional Class A asset at an attractive basis, credit tenancy, and the highest quality sponsorship with a long history at the property. Goldman’s ability to offer both long term financing along with a great deal of flexibility aligned them as the best partner for the transaction,” said Alascio, an executive director at the brokerage.
The property is located between King Street and West Houston Street, in the same submarket as the 11-asset portfolio that the joint venture between Norges Bank Real Estate Management, Trinity Church Wall Street and Hines has held since December 2015.
City records show the church signed an extension to the leasehold at 375 Hudson until 2110 in a deal that estimates the rent over the term of the lease at $580 million. It already owns the land under the building.