An insurance company has renewed its lease in the increasingly media- and startup-friendly enclave of Hudson Square.
Frenkel & Co., an independent insurance company, has signed a seven-year lease renewal for 39,000 square feet on the fourth floor of 350 Hudson Street for its corporate headquarters, The Commercial Observer has learned.
Not included in Pearson’s announcement last week to relocate from its headquarters in Upper Saddle River, New Jersey, was news of an expansion the firm has secured at 330 Hudson Street in Manhattan, The Commercial Observer has learned.
Blame the bad spirits. Or maybe it was the economy. Or living next door to the Holland Tunnel. Or the fact you couldn’t actually live there because it was not a condo—that would violate city zoning for a manufacturing district—but a condotel, where units were habitable 120 days a year and never for more than 30 days at a stretch (move out for a day and you were fine). Still, in this age of the foreign buyer, when all anyone wants is a pied a terre, the Trump Soho would seem to be the perfect home. Wasn’t that the plan all along?
Well, it has not worked out, as the developers of the bedrock-defying 48-story tower have decided to put the remaining units in the building up for auction, according to Bloomberg. Alex Sapir, developer of the property and son of the cabbie turned billionaire Tamir Sapir, said he was approached by an interested party but has decided to go the auction route to test the waters of a bigger sale.
The Lease Beat
A Trinity Real Estate-owned Hudson Square office building has reached 100 percent occupancy after it lured NYU-Poly Varick Street Incubator away from another Trinity-owned building into a bigger space, signed Paik Architecture PLLC to new office space, and agreed to give current tenant Unity Construction Development additional space, The Commercial Observer has learned.
Having met maximum capacity, 137 Varick Street now has an eclectic collection of tenants that range from Alexander Gorlin Architects, online job search company TheLadders, and Scott Jordan Furniture.
Lease of the Week
Notwithstanding WeWork’s impressive track record of growth and success in the city, Sean Black knew his tenant wasn’t necessarily going to be an easy sell to landlords.
In just over a year, WeWork had opened three thriving locations, in midtown, Soho and the meatpacking district. The company leases offices, then prepares the facility for smaller tenants and rents out the space on a desk-by-desk basis.
Though there are several companies in the city in what is known as the office-suite business, WeWork has created a distinct concept by constructing space with open floorplans and glass partitioning, a layout that fosters interaction between the tenants.
When Cushman & Wakefield accepted leasing duties at 1 Hudson Square in 2005, the building just north of Canal Street was still struggling to transcend its traffic-choked proximity to the Holland Tunnel and an address in a neighborhood nobody had really named (it’s called Hudson Square today).
Yet by seizing on a small but notable spurt in recent activity from a handful of tech firms and digital start-ups, the Cushman agents helped reposition the 1.1-million-square-foot building into a hub for the city’s creative underclass.
FremantleMedia, among the largest producers of reality television brands in the world, including American Idol, America’s Got Talent and loads of other shows your kids watch, has signed an 8,000-square-foot lease at 435 Hudson Street. The group will occupy part of the fourth floor of the building, in part to consolidate all of its operations under one roof. In October, the group acquired a 60 percent share of @radical.media, a global media business that is also housed at the Trinity Real Estate-owned building. FremantleMedia is expected to relocate later this year after the space is renovated.
Bruce Weber, the world-renowned fashion photographer, whose ads for Calvin Klein and Abercrombie & Fitch, famously feature everything but, has snapped up some new Hudson Street digs.
Mr. Weber and long-time partner and agent Nan Bush will take 11,152 square feet for 10 years on the 10th floor of 205 Hudson Street. “He’s an internationally Read More
Yet another diminuitive newcomer is coming to Hudson Square. Trinity Church is selling the ground lease to another piece of its prized Hudson Square puzzle for a commercial development site.
Trinity, quietly one of the wealthiest private landlords in the city, is marketing a 99-year ground lease at 92 Sixth Avenue, on the northeast corner of Read More
In the Rezone
A decade ago, Hudson Square was not even a neighborhood, just a printing district on the wane with Soho expats moving into many of the soaring brick loft buildings. It was an unglamorous cobblestone neighborhood north of the Holland Tunnel where garbage trucks and tour buses frequently idled.
Since then, new super-luxe condos and even Read More