Manhattan, NY Cushman & Wakefield, Inc. has served as the exclusive advisor to Trinity Wall St. in arranging $400 million of acquisition financing secured by 375 Hudson St. The senior mortgage financing was provided by affiliates of Goldman Sachs Mortgage Company.
Constructed in 1987, 375 Hudson St. is a 19-story class A office and retail building located in the borough’s live/work/play neighborhood of Hudson Sq. The property offers views of the Hudson River, New York Harbor, as well as the Downtown and Midtown Manhattan skylines.
375 Hudson St. contains 1.1 million s/f of rentable area (as remeasured) including 17 floors of office space, ground floor retail space, a gym and rooftop outdoor running track, 46,000 s/f of storage space as well as a two-level, 100-space parking garage. The property’s office space is currently 100% leased, anchored by Saatchi & Saatchi which occupies more than 62% of the space.
The Cushman & Wakefield equity, debt and structured finance team of Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus represented Trinity Wall St.
“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. 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,” said Alascio, executive director in Cushman & Wakefield’s equity, debt & structured finance group.