{"id":1004687348,"date":"2023-10-27T02:40:55","date_gmt":"2023-10-27T10:40:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004687348"},"modified":"2023-10-31T02:13:52","modified_gmt":"2023-10-31T10:13:52","slug":"hines-jv-wraps-manhattan-spec-office-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-jv-wraps-manhattan-spec-office-project\/","title":{"rendered":"Hines JV Wraps Manhattan Project"},"content":{"rendered":"\n<div class=\"wp-block-jetpack-slideshow aligncenter\" data-effect=\"slide\"><div class=\"wp-block-jetpack-slideshow_container swiper-container\"><ul class=\"wp-block-jetpack-slideshow_swiper-wrapper swiper-wrapper\"><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"2048\" height=\"1365\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004687570\" data-id=\"1004687570\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-5.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-5.jpg 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-5.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-5.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-5.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-5.jpg?resize=1536,1024 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">555 Greenwich and 345 Hudson total 1.2 million square feet. All image courtesy of Hudson Square Properties<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"2048\" height=\"1365\" alt=\"All image courtesy of Hudson Square Properties\" class=\"wp-block-jetpack-slideshow_image wp-image-1004687358\" data-id=\"1004687358\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-1.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-1.jpg 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-1.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-1.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-1.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-1.jpg?resize=1536,1024 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">555 Greenwich<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"2048\" height=\"1365\" alt=\"555 Greenwich\" class=\"wp-block-jetpack-slideshow_image wp-image-1004687569\" data-id=\"1004687569\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-4.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-4.jpg 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-4.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-4.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-4.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-4.jpg?resize=1536,1024 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">555 Greenwich<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"2048\" height=\"1365\" alt=\"All image courtesy of Hudson Square Properties\" class=\"wp-block-jetpack-slideshow_image wp-image-1004687360\" data-id=\"1004687360\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-3.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-3.jpg 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-3.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-3.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-3.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-3.jpg?resize=1536,1024 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">555 Greenwich<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1819\" height=\"1365\" alt=\"All image courtesy of Hudson Square Properties\" class=\"wp-block-jetpack-slideshow_image wp-image-1004687359\" data-id=\"1004687359\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-2-e1698316754883.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-2-e1698316754883.jpg 1819w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-2-e1698316754883.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-2-e1698316754883.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-2-e1698316754883.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/555-greenwich-2-e1698316754883.jpg?resize=1536,1153 1536w\" sizes=\"(max-width: 1819px) 100vw, 1819px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">555 Greenwich<\/figcaption><\/figure><\/li><\/ul><a class=\"wp-block-jetpack-slideshow_button-prev swiper-button-prev swiper-button-white\" role=\"button\"><\/a><a class=\"wp-block-jetpack-slideshow_button-next swiper-button-next swiper-button-white\" role=\"button\"><\/a><a aria-label=\"Pause Slideshow\" class=\"wp-block-jetpack-slideshow_button-pause\" role=\"button\"><\/a><div class=\"wp-block-jetpack-slideshow_pagination swiper-pagination swiper-pagination-white\"><\/div><\/div><\/div>\n\n\n<p><strong>Hudson Square Properties<\/strong> has officially completed 555 Greenwich, a 270,430-square-foot Class A office tower in Manhattan\u2019s Hudson Square. The owner is a joint venture partnership of <strong>Trinity Church Wall<\/strong> <strong>Street<\/strong>, <strong>Hines<\/strong> and <strong>Norges Bank Investment Management<\/strong>. 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.<\/p>\n<p>Constructed by Trinity Church Wall Street, with Hines as development manager, the 16-story office property <a href=\"https:\/\/www.commercialsearch.com\/news\/hudson-square-properties-tops-out-manhattan-office-tower\/\" target=\"_blank\" rel=\"noopener\">topped out<\/a> in April 2022. The development team included <strong>COOKFOX Architects<\/strong>, as well as\u00a0<strong>CBRE<\/strong> as exclusive leasing agent. Designed to become one of the most energy-efficient buildings in New York City, 555 Greenwich was the <a href=\"https:\/\/www.commercialsearch.com\/news\/hudson-square-properties-breaks-ground-on-nyc-office\/\" target=\"_blank\" rel=\"noopener\">first speculative office development<\/a> to break ground in the metro since COVID-19. The building is aiming for LEED Platinum certification.<\/p>\n<hr \/>\n<p><strong>READ<\/strong> <strong>ALSO<\/strong>: <a title=\"Office Struggles, Adaptations: An Architect\u2019s Perspective\" href=\"https:\/\/www.commercialsearch.com\/news\/office-struggles-adaptations-an-architects-perspective\/\">Office Struggles, Adaptations: An Architect\u2019s Perspective<\/a><\/p>\n<hr \/>\n<p>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.<\/p>\n<p>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 <strong>Vocon<\/strong> on the 11th and 13th floors. The property also comprises private offices, open workstations, office cubicles and retail spaces.<\/p>\n<p>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\u2019s 2023 climate target for office properties by more than 45 percent, while also meeting the state\u2019s 2050 carbon neutral target.<\/p>\n<p>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.<\/p>\n<p>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 <strong>Lerer Hippeau<\/strong>, which committed to 12,000 square feet and moved in last month.<\/p>\n<h2>New office product in Manhattan<\/h2>\n<p>The news comes on the heels of Tishman Speyer opening its <a href=\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-unveils-manhattan-office-tower\/\">2.8 million-square-foot skyscraper<\/a>\u00a0at 66 Hudson Blvd. In 2018, the developer obtained $1.8 billion in construction financing for the project.<\/p>\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-jv-completes-1-4-msf-manhattan-project\/\" target=\"_blank\" rel=\"noopener\">One Madison Avenue<\/a>\u00a0in Gramercy Park.\u00a0<\/p>\n<p>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 href=\"https:\/\/www.commercialsearch.com\/news\/suburban-offices-embrace-amenities-and-change\/\" target=\"_blank\" rel=\"noopener\">a recent CommercialEdge report<\/a> 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.<\/p>","protected":false},"excerpt":{"rendered":"<p>The class A tower represents the city&#8217;s first spec office development since the onset of the pandemic.<\/p>\n","protected":false},"author":2991,"featured_media":1004687570,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1600,21742,10,21747],"tags":[32789,39206,32797,32779,45452,46271,33025],"class_list":["post-1004687348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-cookfox-architects","tag-hines","tag-leed","tag-norges-bank-investment-management","tag-trinity-church-wall-street","tag-vocon"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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