Trinity Wall Street Scores $400M for NYC High-Rise
- Aug 21, 2017
Trinity Wall Street has secured $400 million in acquisition financing for 375 Hudson St., a 19-story Class A office and retail building in Manhattan.
Cushman & Wakefield advised on the senior mortgage financing, which was provided by affiliates of Goldman Sachs Mortgage Co.
“375 Hudson presented lenders with an institutional Class A asset at an attractive basis, credit tenancy, and the highest quality sponsorship with a long history at the property,” John Alascio, Cushman & Wakefield’s executive director in its equity, debt & structured finance group, said in a prepared statement. “Goldman’s ability to offer both long-term financing along with a great deal of flexibility aligned them as the best partner for the transaction.”
Originally built 30 years ago, 375 Hudson St. is situated in Manhattan’s highly desirable, live/work/play neighborhood of Hudson Square and offers breathtaking views of the Hudson River, New York Harbor and the downtown and Midtown Manhattan skylines.
The building offers approximately 1.1 million square feet of rentable area in 17 floors of office space, plus prime ground floor retail space, a gym and rooftop outdoor running track, 46,000 square feet of storage space and a two-level, 100-space parking garage.
Currently, the office space is fully leased, anchored by Saatchi & Saatchi, which leases about 62 percent of the space. Ad agency Rokkan has 35,000 square feet of space.
Cushman & Wakefield’s team of Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus represented Trinity Wall Street in the deal.