Having arranged a 7,431 s/f, top-floor lease with Pearson Education, Colliers International successfully completed its leasing assignment for the repositioning of 325 Hudson Street, bringing the office and telecom portions of the recently modernized 325 Hudson Street to 100 percent office occupancy.
“We are extremely gratified to reach this milestone. Very few office buildings in any part of Manhattan ever reach full occupancy,” said Richard M. Warshauer, senior managing director in the New York office of Colliers International, who leads the leasing efforts on behalf of the ownership group consisting of San Francisco-based Bristol Group and Young Woo & Associates.
“In just a few years, we worked closely with the ownership to re-engineer this asset. Given the rapid evolution of the Hudson Square area into a hub for creative tenants, we transformed 325 Hudson from a pure telcom/co-location strategy into a prime Hudson Square office and data center destination.”
Warshauer noted that Pearson Education was an ideal fit for the remaining tenth floor space, which was move-in condition.
Pearson is now the largest tenant in Hudson Square. Its recently completed 309,000 s/f lease at 330 Hudson Street, taken together with its Penguin subsidiary leases at 375 and 345 Hudson Street, gives Pearson some 750,000 s/f in that thriving media district.
Richard Berzine, of Richard Berzine & Company, Ltd., represented the tenant in the transaction.
The Pearson Education lease at 325 Hudson will also have a significant impact on the neighborhood, which is currently one of the most highly sought after office submarkets in Manhattan.
Most of the Pearson employees occupying swing space in 325 Hudson Street are engaged in the design of digital programs for the delivery of Pearson’s core business.
Pearson is now performing advanced work on the infrastructure of 330 Hudson, an eight-story office building across the street.
That building, which is currently under construction for an additional eight stories, will serve as the media company’s new corporate headquarters and a hub for a corporate campus when construction is completed over the next two years.
The 241,000 s/f 325 Hudson Street is located in Hudson Square on the northwest corner of Hudson Street and Van Dam Streets, Additional tenants in the building include Empire State College of SUNY, frog design, Verizon and Level 3 Communications.