{"id":1004750969,"date":"2025-03-18T04:37:55","date_gmt":"2025-03-18T12:37:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004750969"},"modified":"2025-03-18T04:37:56","modified_gmt":"2025-03-18T12:37:56","slug":"hines-jv-lands-large-lease-extension-in-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-jv-lands-large-lease-extension-in-manhattan\/","title":{"rendered":"Hines JV Lands Large Lease Extension in Manhattan"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/75-Varick-Street.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"800\" data-attachment-id=\"1004750970\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-jv-lands-large-lease-extension-in-manhattan\/75-varick-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/75-Varick-Street.jpg\" data-orig-size=\"640,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"75 Varick Street\" data-image-description=\"&lt;p&gt;Exterior shot of 75 Varick Street, a 17-story office building with brown fa\u00e7ade.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 1 million-square-foot 75 Varick Street went through complete renovations in 2002. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/75-Varick-Street.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/75-Varick-Street.jpg\" alt=\"Exterior shot of 75 Varick Street, a 17-story office building with brown fa\u00e7ade.\" class=\"wp-image-1004750970\" style=\"width:auto;height:500px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/75-Varick-Street.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/75-Varick-Street.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The 1 million-square-foot building at 75 Varick St. underwent a complete renovation in 2002. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Hudson Square Properties, a joint venture of Hines, Trinity Church NYC and Norges Bank Investment Management, has signed a 360,000-square-foot lease extension at 75 Varick, a 1 million-square-foot office building in Manhattan. Horizon Media will continue to occupy the space spanning six floors for another 17 years. Newmark brokered the transaction. <\/p>\n\n\n\n<p>Horizon, the largest U.S. media agency, has been the building&#8217;s tenant since 2010. The roster also includes Splashlight, Adelphi University and Getty Images, among others, according to CommercialEdge information.<\/p>\n\n\n\n<p>Also known as 1 Hudson Square, the office building at 75 Varick St. is in Lower Manhattan&#8217;s Hudson Square neighborhood. The transit-oriented property is also less than 3 miles from the Empire State Building.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-sector-leads-in-sales-volume-as-prices-dip\/\">Manhattan Office Sector Leads in Sales Volume as Prices Dip<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Designed in 1929 by Ely Jacques Kahn, the 17-story building underwent a complete renovation in 2002, as well as recent lobby upgrades. The LEED Gold-certified mid-rise features floorplates ranging between 37,179 and 80,775 square feet, as well as 60,000 square feet of retail space. Amenities include a coffee shop, an interior lounge, a spa and childcare services alongside multiple rooftop amenity spaces. <\/p>\n\n\n\n<p>Newmark President David Falk and Vice Chair Peter Shimkin represented Hudson Square Properties. Vice Chairs Moshe Sukenik and Chris Mongeluzo worked on behalf of Horizon Media.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-s-office-vacancy-rate-remains-steady\">Manhattan\u2019s office vacancy rate remains steady<\/h2>\n\n\n\n<p>Manhattan\u2019s office vacancy rate at the end of January clocked in at 16.6 percent, well below the 19.7 percent national average and just 10 basis points higher year-over-year, according to the latest <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-office-report-february-2025\/\">CommercialEdge office report<\/a>. Meanwhile, the borough\u2019s average listing rate was $68.2, down 3.6 percent over the year.<\/p>\n\n\n\n<p>In one of January&#8217;s larger deals, The Federal Deposit Insurance Corp. <a href=\"https:\/\/www.commercialsearch.com\/news\/minskoff-secures-148-ksf-manhattan-office-lease\/\">signed a long-term lease<\/a> to occupy 147,543 square feet at 1166 Ave. of the Americas. The federal institution will relocate from the Empire State Building.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A media agency will continue to occupy the space for another 17 years.<\/p>\n","protected":false},"author":3355,"featured_media":1004750971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32797,32779,50999,45452],"class_list":["post-1004750969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-hines","tag-leed","tag-newmark","tag-norges-bank-investment-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hines JV Lands Large Lease Extension in Manhattan - 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