330 Hudson Street Aims to Transform Tribeca's Hudson Square

2007

Nov

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We’ve written previously about Brennan Beer Gorman-designed 330 Hudson Street, but this week’s edition of Crain’s offers a few more details about the $220 million mixed-use hotel and office building project which will seek a LEED Silver rating from USGBC. Trinity Real Estate, which granted a 99-year lease to Tribeca Associates to develop the project, is the biggest landlord in the Hudson Square neighborhood, where Crain’s reports that the fifteen percent vacancy rate is three times that across the rest of Manhattan. For this reason, Carl Weisbrod, president of Trinity, told Crain’s that the firm hopes to attract “creative tenants” for the office portion of the project by developing a property that will be active both day and night. Given Trinity’s presence in the area, 330 Hudson Street’s success is important both for the owner's bottom line and the more general profile of green development in the neighborhood.

Trinity selected Tribeca because of its expertise on similar projects (including the Smyth Hotel that’s going up on West Broadway) coupled with the relatively risky nature of 330 Hudson Street given its price tag. Tribeca will fit-out the hotel portion of the project on the building’s 12th through 22nd floors, with guest rooms up through the 20th floor, a conference center on the 21st, and a bar and pool on the 22nd. Crain’s reports that rents will likely be in the $50 to $60 per square foot range (compare with those we’ve reported previously at LEED Gold 7 WTC and Platinum hopeful Bank of American Tower). Rents for the approximately six million other square feet of office space that Trinity controls in the neighborhood range from the high $40s to low $50s per square foot. We’ll continue to follow this project as Trinity prepares to lease the office space in the summer of 2009 and open up its hotel in early 2010.