Hudson Square Properties, a joint venture of Trinity Church Wall Street and Norges Bank Investment Management with Hines the operating partner, have broken grounf 555 Greenwich, a 270,000 s/f 16-story office tower in Hudson Square neighborhood.
The tower represents the next level of high-performing buildings and will be a benchmark for sustainable and responsible development in New York City into the future.
555 Greenwich will exceed NYC’s 2030 climate targets for office buildings by over 45 percent while meeting NYS’s 2050 carbon neutral targets.
The new office tower will align and combine with the existing 345 Hudson Street to advance the ongoing transformation of this former printing and warehouse district into a thriving residential, commercial and retail community.
It is the first speculative office development in New York City to break ground in the wake of the pandemic. Completion is projected for the 4th quarter of 2022.
AECOM Tishman will provide construction services. A CBRE team led by Paul Amrich will serve as exclusive leasing agent for 555 Greenwich.
“555 Greenwich is an embodiment of Trinity’s stewardship and commitment to the long-term growth of the Hudson Square neighborhood. The sustainable construction methods we’ve employed have far-reaching implications and provide a roadmap for sustainable practices throughout Trinity’s portfolio and beyond,” said Sujohn Sarkar, Managing Director, Asset Management, Trinity Church Wall Street.
“Through the design by COOKFOX Architects, we’ve endeavored to deliver a building that will stand the test of time, both functionally and aesthetically.”
The building was designed with leading-edge clean energy technology and the most advanced building systems available to create a healthy environment for tenants and minimize the environmental impact of the project.
555 Greenwich is targeted to achieve the highest rating (LEED Platinum) for sustainability, with state-of-the-art sustainable mechanical, engineering and plumbing systems, including geothermal piles, and is the first new office building to utilize its concrete superstructure for thermal energy storage. All of this will create an expected 46 percent overall carbon reduction and a 29 percent reduction in electrical consumption. The team collaborated with global sustainability design experts to ensure this office tower will be one of the most efficient buildings in New York City.
Jaros, Baum and Bolles is providing MEP services for 555 Greenwich.
555 Greenwich represents the first office building to utilize a thermally activated slab with a radiant activated system which reduces carbon emissions by 50 percent while eliminating any fossil fuels utilized for heating and cooling. It will also employ a DOAS system to maximize the quantity and quality of fresh air to the workplace, which will be supplemented by geothermal wells and more than 10,000 square feet of outdoor space.
“The design of 555 Greenwich puts the employee experience at the forefront of all other considerations,” said Tommy Craig, senior managing director of Hines, which is operating member and the developer for Hudson Square Properties together with Trinity Church. “This is especially true as it relates to the amount, quality and variety of collaborative space the new building contains. The combination of both buildings offers exceptional flexibility for major tenants to configure their space and floor size in a way that can be customized to the new workplace environment users will be expected to deliver in a post-Covid environment.”
555 Greenwich will include retail at the ground floor and office space above. The façade will feature numerous setbacks with outdoor terraces and floor-to-ceiling windows. Upon completion, the building will connect to the adjacent 345 Hudson Street on nearly every floor, providing users with uncommonly large floorplates.
Approximately $175 million in construction costs will support the development of 555 Greenwich Street including the creation of over 1,000 primarily union jobs during the 26-month construction process.
“Greenwich Street has evolved into a thriving mixed-use corridor, and we hope this oneof-a-kind office and retail building, designed with thoughtful contextuality and a sense of place, will serve as a neighborhood pillar for years to come,” added Trinity’s Sarkar.
Gale Brewer, Manhattan Borough President said: “The intense planning and preparation to launch this project progressed even through the historic disruption caused by the Covid19 pandemic. 555 Greenwich will raise the bar for sustainable development in the city and on a global stage as the world watches our city break the mold for environmentally responsible development. It will be a gift that keeps on giving well into the future.”