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Commercial Real Estate Real Commercial Square Tenants 31 Commercial Real Estate New York Post, Tuesday, April 16, 2019 nypost.com 12-page special section One of Hudson Square’s new office projects is St. John’s Terminal at 550 Washington St., which is currently being redeveloped by Oxford Properties. Google’s expansion plans include a lease there. The West Side’s increasingly bustling Hudson Square SQUARE neighborhood attracts tech-y tenants By LOIS WEISS DEALS N the 1980s, when ad agency Saatchi & Saatchi Compton Worldwide ditched “Mad Men”­era Madison Avenue in favor of mov­ ing downtown to 375 Hudson St., they were seeking what others have now discovered. Speaking then to the New York Times, a Saatchi exec explained “. for creative people, Ithe galleries, shops and restaurants there are a more exciting concept than being across from the General Motors Building.” Back then, rents were $20 a foot. Now, as rents climb beyond $100 for certain floors in some buildings, the area, renamed Hudson Square, has attracted international behemoths like Google and Disney in various office projects. They’re flocking to a neighborhood bounded by Canal Street to the south, Houston Street to the north, Sixth Avenue to the east and the Hud­ son River to the west. “There’s an intimacy about it,” says Ellen Baer, president of the Hudson Square Business Im­ provement District (BID). “There’s a special vibe here.” According to Cushman & Wakefield, the 11 million­square­foot submarket known as Hud­ son Square/West Village runs all the way north Neoscape; COOKFOX Architects (inset) Architects COOKFOX Neoscape; to West 14th Street. For the first quarter of 2019, the vacancy rate was 9.6 percent, up from 2018’s 7.3 percent. Yet overall asking rents leaped to $87.61 per foot, up from $77.18 a year ago. Once known as the Printing District for its Warby Parker high­ceilinged lofts and large­floor plates that and Glossier were sturdy enough to support printing presses, have footholds today, the light, views and ambience are attract­ ing all sorts of tech and media companies. in revamped Since French ad behemoth Publicis Groupe office building bought Saatchi in 2000 and went private, it has One Soho Square. See HUDSON SQUARE on Page 32 32 Commercial Real Estate HUDSON SQUARE from Page 31 gradually consolidated its other owned creative companies inside 375 Hudson St. Among these are Sa­ pientNitro and Rokkan. (Ironically, reversing course, Pub­ licis sent Saatchi back to Midtown at 1675 Broadway two years ago.) Back downtown, the Lee Harris Pomeroy and Emery Roth & Sons­ designed building at 375 Hudson was refreshed by developer Tish­ man Speyer and became LEED Gold. It now has the largest avail­ ability in the area, with 277,000 square feet on the second through fifth floors. These have giant floor plates of 64,000 to 71,200 feet and were formerly occupied by the Pen­ guin division of Random House, which has gone uptown. “There’s a lot of light and air and a New York Post, Tuesday, April 16, 2019lot of nypost.com sky,” says Richard Bernstein, who is leading the Cushman & Wakefield sublease team. “The area has great old real estate. Ours is glass and steel and a lot of brick and masonry — all the ingredients that the technology companies like.” A large tenant would require the HUDSON FLAIR Neoscape Jackie Robinson Foundation Jack Resnick & Sons revamped offices at 315 Hudson St., which now has a rooftop garden. RXR Realty RXR when Andrew Peretz of Peter Aaron Peter Newmark Knight Frank Google has signed a large lease at first worked on the 345 Hudson St. (above). building. Now the newly added penthouses com­ current 2025 expiration to be ex­ mand $120­per­square tended directly with the Trinity, foot rents with other Norges and Hines venture that now floors achieving more owns the building on Trinity­ than $100. owned land. That’s why the space is Google is also leasing son Square was destined to be­ “We are seeing numbers that are being offered in conjunction with at Pier 57 (left), while come a hub for New York’s grow­ spectacular,” adds Peretz. Data the building’s CBRE team, led by the Jackie Robinson ing creative, tech and office users. company CoStar shows a tenant Paul Amrich. Rent for the available Museum is opening at We’ve been hard at work transi­ that leased in 2004, prior to the ren­ block is in the $70s per square foot. 75 Varick St. (above). tioning our buildings to serve the ovation, had a starting rent of $24 Rent at the top of the building can needs of today’s most innovative per foot. Its 100,000­square­foot of­ be more than $100 a foot. business operations companies who are looking for fice is now for rent for much more. “The whole TAMI industry domi­ and sales, he added. large, highly collaborative spaces Hudson Square’s 2013 rezoning nates the area,” Bernstein adds. Like other companies, within the city’s most vibrant live­ has led to numerous new apartment “The large floor plates give them Google concentrates on work communities.” and condominium buildings rising flexibility in the workplace. That’s “space that makes our Nearby, Disney paid Trinity $650 in the area. Residential highlights why there is next to no space there.” employees productive,” million for a 99­year lease on a de­ include projects by Extell and Toll Google has taken over or pur­ with a focus on teams. velopment site at and around 304 Brothers, as well as a Renzo Piano­ chased many of Chelsea’s largest At 315 Hudson, the Hudson St. Making the announce­ designed condo by Bizzi & Partners office buildings, including Chelsea search­engine pioneer ment in July 2018 about the project, on Vandam Street. “The buildings Market. The tech giant is now look­ Youngwoo and RXR. initially subleased from Penguin called 4 Hudson Square, Disney that are going up are overall really ing to Hudson Square for its expan­ Last year, Google also committed Random House, which stepped CEO Robert Iger said, “The Hud­ respecting the masonry buildings,” sion. It is well on its way to creating to other offices, inking large leases aside to allow a direct deal with the son Square district is rapidly be­ says Baer. a 1.7 million­square­foot campus at Jack Resnick & Sons’ 315 Hudson Resnick­owned building. There, it coming a dynamic, innovative hub A $27 million pedestrian­friendly through the leasing of even more St., Trinity/Norges/Hines’ 345 Hud­ will have a large block of floors with for media, technology and other streetscape project has also added properties in the latter area. son St. and St. John’s Terminal, a open­plan workspaces. Employees creative businesses.” trees and other improvements. A proposed ferry route between warehouse at 550 Washington St. will have access to amenities like a To the east, Larry Gluck bought There are bike­ and dog­friendly Hudson Square and Chelsea was along the river being redeveloped rooftop garden, indoor and outdoor and renovated a two­building com­ places, plus bars and restaurants. another lure for Google, according by Oxford Properties. “Hudson event spaces and a cafe. Google will plex, now called One Soho Square. The Jackie Robinson Museum to Paul Darrah, the company’s di­ Square represents the way we will also have a dedicated lobby. Sitting next to Sixth Avenue be­ opens later this year at 75 Varick St. rector of NYC real estate. Google enable the doubling of size,” Darrah In a statement about 315 Hudson, tween Spring and Vandam streets, it “It’s all about lifestyle,” says Baer. has also leased 480,000 square feet said in a talk before the Real Estate Jack Resnick & Sons president Jon­ has already attracted Warby Parker, “What landlords are having to cre­ at Pier 57 at West 15th Street, where Board of New York in March. The athan D. Resnick, said, “We recog­ MAC Cosmetics, Glossier, Aetna ate elsewhere is happening here renovations are still underway by campus will focus on its global nized about a decade ago that Hud­ and others. Rents were in the $60s organically.” 33 New York Post, Tuesday, April 16, 2019 nypost.com MOST INGENIOUS T R A N S F O R M I N G T H E F U T U R E O F 3 7 5 P E A R L S T R E E T r e q u i r e d m o r e t h a n just polish. Success within the City’s dynamic real estate industry demands deep technical expertise, artful negotiation and the service of a seasoned professional. As the top commercial real estate services and LQYHVWPHQW À UP LQ WKH ZRUOG &%5( LV PDGH XS RI GHGLFDWHG SURIHVVLRQDOV ZKR SURYLGH H[FHSWLRQDO RXWFRPHV IRU clients across a broad range of industries. $PRQJ WKHP DUH *UHJJ 5RWKNLQ DQG *HUU\ 0LRYVNL ZKR WRRN KRPH 7KH +HQU\ +DUW 5LFH $FKLHYHPHQW $ZDUG³ À UVW SODFH LQ 5(%1<·V 0RVW ,QJHQLRXV 'HDO RI WKH <HDU $ZDUGV³IRU WKHLU VXFFHVVIXO HIIRUWV WUDQVIRUPLQJ 3HDUO 6WUHHW &RQJUDWXODWLRQV WR WKHP DQG WKHLU WHDP 0DVKD 'XGHO]DN DQG 5RE 0H\HUV 7KLV DFKLHYHPHQW PDUNV &%5(·V th WLPH ZLQQLQJ WKH 'HDO RI WKH <HDU KRQRU VLQFH 34 Commericial Real Estate LEASE ON LIFE By LOIS WEISS 904,186 feet in the first quarter. To capture tenants, Grant Greenspan MAZON got run out of town, says Kaufman is not only prebuild­ but Gotham still has Google. ing spaces but making them more The tech giant has gobbled turnkey by installing high­end glass up large blocks of space in partitions, appliance­filled commu­ AHudson Square as it plans to dou­ nal kitchens, desks and other furni­ ble in size over the next decade.
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