Hines JV Wraps Manhattan Project
The class A tower represents the city's first spec office development since the onset of the pandemic.
Hudson Square Properties has officially completed 555 Greenwich, a 270,430-square-foot Class A office tower in Manhattan’s Hudson Square. The owner is a joint venture partnership of Trinity Church Wall Street, Hines and Norges Bank Investment Management. The project is the result of a horizontal overbuild of the adjacent 935,768-square-foot 345 Hudson building, the pair totaling 1.2 million square feet of office space.
Constructed by Trinity Church Wall Street, with Hines as development manager, the 16-story office property topped out in April 2022. The development team included COOKFOX Architects, as well as CBRE as exclusive leasing agent. Designed to become one of the most energy-efficient buildings in New York City, 555 Greenwich was the first speculative office development to break ground in the metro since COVID-19. The building is aiming for LEED Platinum certification.
READ ALSO: Office Struggles, Adaptations: An Architect’s Perspective
The pair of buildings form an office complex that includes conference rooms, 25,000 square feet of private outdoor spaces spread across 10 outdoor terraces, a 8,000-square-foot garden terrace, floor-to-ceiling windows, a curated art collection, event spaces, a common-area lounge, a fitness center and a game room.
555 Greenwich features floorplates that vary between 15,000 and 25,000 square feet, along with move-in ready, pre-built office suites designed by Vocon on the 11th and 13th floors. The property also comprises private offices, open workstations, office cubicles and retail spaces.
Additionally, the new structure includes a series of sustainable and wellness features, including geothermal and radiant heating and cooling systems. The complex is set to exceed New York City’s 2023 climate target for office properties by more than 45 percent, while also meeting the state’s 2050 carbon neutral target.
Situated within the Hudson Square neighborhood, the property is close to Interstate 78 and to multiple subway and bus stations. The location is 5 miles from Upper East Side, 6 miles from downtown Brooklyn, N.Y., and within 27 miles of John F. Kennedy International Airport.
CBRE Vice Chairmen Paul Amrich, Howard Fiddle and Neil King, together with Senior Vice President Zachary Price and Vice President Benjamin Joseph, are marketing the property for lease. The team has already secured the first tenant, New York-based venture capital firm Lerer Hippeau, which committed to 12,000 square feet and moved in last month.
New office product in Manhattan
The news comes on the heels of Tishman Speyer opening its 2.8 million-square-foot skyscraper at 66 Hudson Blvd. In 2018, the developer obtained $1.8 billion in construction financing for the project.
In September, another joint venture completed an office redevelopment project in Manhattan. SL Green Realty Corp., in partnership with the National Pension Service of Korea and Hines, wrapped up the 1.4 million-square-foot One Madison Avenue in Gramercy Park.
As of September, Manhattan had 6.5 million square feet of office space under construction, representing the second-largest pipeline in the Northeast Region after Boston, a recent CommercialEdge report shows. The borough was followed by Philadelphia (2.6 million square feet), New Jersey (1.7 million square feet) and Brooklyn (1.2 million square feet), the same source reveals.
