Trinity Church Wall Street has filed for permits to construct a 260,000 s/f office building at 561 Greenwich Street in the Hudson Square submarket.
The building, designed by COOKFOX Architects, will rise 19 stories with retail at the ground floor and office space above.
Hines is serving as development manager for the project and, at the completion of construction, Norges Bank Investment Management and Hines will acquire ownership interests in the project, allowing it to be owned on the same basis as the rest of the Hudson Square Properties joint venture.
The site is adjacent to Hudson Square Properties’ asset at 345 Hudson Street, which 561 Greenwich Street will seek to “complete” through a complimentary design.
At the street level, the building will repair the street wall to provide a sensitive pedestrian experience that will support the continued transition of Hudson Square from a warehouse district, into a residential, commercial and retail community.
Architect Rick Cook noted, “The powerful masonry buildings of Hudson Square gave us a palette of materials and tools that helped us craft a building that feels authentic to the neighborhood and expresses a high-performance modern workplace with a connection to community and nature. ”
Tommy Craig, senior managing director and head of Hines’ Tri-State office commented, “This project can best be understood in the context of all of the positive changes occurring in the Hudson Square neighborhood.
“Major commitments to the area from world-class organizations including Disney’s new development at 4 Hudson Square, Google’s lease at 550 Washington, and Publicis’ renewal and expansion at 375 Hudson have all generated significant momentum for the submarket.”
Hudson Square Properties is a joint venture between property owner and majority partner Trinity Church Wall Street and Norges Bank Real Estate Management, managed by operating partner Hines.
The portfolio comprises 12 properties totaling six million square feet of commercial space in Manhattan’s Hudson Square neighborhood: 12-16 Vestry Street, 200 Hudson Street, 205 Hudson Street, 75 Varick Street, 100 Avenue of the Americas, 155 Avenue of the Americas, 345 Hudson Street, 350 Hudson Street, 10 Hudson Square, 225 Varick Street, 435 Hudson Street, and 375 Hudson Street. The reimagined former industrial buildings boast a world-class roster of leading creative tenants including advertising agencies, new media companies, designers, architects, software developers, and other high-profile companies.