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C&W breaks the mold at Trinity's Hudson Sq.


For the first time in its 300-year history in New York City New York City: see New York, city.
New York City

City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S.
, The Parish of Trinity Church Trinity is a commonly used name for Christian churches, especially within the Anglican and Russian Orthodox traditions.

Trinity Church may refer to:
  • Trinity Church, Boston
  • Trinity Church, New York
  • Trinity Church, Pittsburgh
, one of New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 City's largest and oldest commercial property owners, announced it has awarded a leasing assignment for one of its premier properties to an outside firm.

Trinity Real Estate has appointed Cushman & Wakefield as the exclusive leasing agent for its flagship office property, 1 Hudson Square, in Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North .

Trinity Church's Rector, The Rev. Dr. James H. Cooper and Carl Weisbrod, president of Trinity Real Estate, announced that Cushman & Wakefield brokerage professionals Andrew M. Peretz, Robert Constable Sir Robert Constable (c. 1478 – 1537) was the eldest son of Sir Marmaduke Constable. He helped Henry VII to defeat the Cornish Rebellion of 1497 at Blackheath. In 1536, when the rising known as the Pilgrimage of Grace broke out in Northern England, Constable was one of the  and Marc Packman will act as exclusive leasing agents for 1 Hudson Square.

Weisbrod said, "Hudson Square is arguably ar·gu·a·ble  
adj.
1. Open to argument: an arguable question, still unresolved.

2. That can be argued plausibly; defensible in argument: three arguable points of law.
 the most active commercial real estate sub-market in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and this assignment is a key element in our strategy to take advantage of these positive conditions immediately.

"It also reflects a new eagerness on our part to reach out and conduct business with corporations seeking a home in Hudson Square. Our centuries-old philosophy of proudly owning and operating our property portfolio in the Hudson Square community will not change."

Weisbrod said that of Trinity's space that is actively being marketed, 93% is currently occupied, compared with 72% occupancy just 15 months ago.

In addition, Cushman & Wakefield reported Hudson Square's vacancy at 12.8% at the end of May, down from 14.7% at the same time last year.

The 19-story, 1,045,820 s/f building is home to a variety of tenants including the Art Institute of New York City, Nature America, Morgan Stanley To comply with Wikipedia's , the introduction of this article needs a complete rewrite. , Pricewaterhouse Coopers, Getty Images ands Bliss Spa. It won The Office Building of the Year (TOBY) award for "Renovated Building of the Year" in 2001-2002.

"We're honored to be part of this historic new leasing assignment," said Peretz, an executive director at Cushman & Wakefield.

"Recent transactions have strengthened the assertion that tenants are eager to be part of the revival of Lower Manhattan. We look forward to continuing the impressive track record Trinity Real Estate has established as a leasing agent and to further attracting premier tenants to 1 Hudson Square."

Jason Pizer, Trinity Real Estate's director of leasing, said, "With rents approaching $40 per square foot, the Hudson Square office market is very active. We are fortunate that Trinity Real Estate is one of a select few building owners who can offer very large blocks of modern, fully functional commercial space, in this exceptionally appealing neighborhood. Hudson Square has become a magnet for New York's creative community, and many creative firms are relocating here."

As an indicator of Hudson Square's market momentum, Weisbrod cited Trinity Real Estate's recent transaction in which the entire Sears and K-Mart apparel design team relocated from offices in Chelsea to 1 Hudson Square. The tenant expanded its office space by more than 12 times, to 45,000 square feet, and has plans to double its workforce to 200 employees.

Pizer added, "Several other large leasing transactions are in the offing coming; arriving in the foreseeable future.
visible but not nearby.

See also: Offing Offing
, and we expect that they will become signed deals in the very near future. Six months from now, our neighborhood will be home to 6,000 new employees. We are reaching a point of critical mass, where retail and residential development will be attracted to Hudson Square. This is a very exciting time, indeed."

Situated in Lower Manhattan between the Hudson River Hudson River

River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629.
 on the west, Avenue of the Americas on the east, Morton Street on the north and Canal Street Canal Street may refer to:
  • Canal Street (Manchester), England, UK
  • Canal Street, New Orleans, Louisiana, USA
  • Canal Street (Manhattan), New York City, New York, USA
 on the south, Hudson Square is one of the city's newest, most progressive business districts. Formerly an industrial warehouse and loft district, Hudson Square is now home to a diverse roster of high-profile companies that includes advertising agencies, designers, architects, software companies, publishers and other major corporations.
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Article Details
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jul 5, 2006
Words:625
Previous Article:Media firm signs lease for Rockefeller office.
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