Publicis Groupe Signs Lease for Renewal and Expansion of Offices at 375 Hudson
NEW YORK--(BUSINESS WIRE)--Jul 9, 2019--
Publicis Groupe has signed a 960,000-square-foot lease at 375 Hudson Street comprising a renewal of its existing 680,000-square-foot premises and an additional 280,000 square feet. The 20-year lease is the largest, longest-term deal signed in the portfolio since the formation of the Hudson Square Properties joint venture in 2016.
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375 Hudson Street (Photo: Business Wire)
Publicis’ existing lease expires in early 2023. The expansion space term will commence in August 2019. The deal was announced by operating partner Hines on behalf of a joint venture between Trinity Church Wall Street (“Trinity”) and Norges Bank Real Estate Management (“Norges”).
The Rev. Dr. William Lupfer, Rector of Trinity, said, “For more than 300 years, Trinity has been dedicated to building neighborhoods. We’re excited that Publicis – an innovative, growing company that was among the first creative tenants in Hudson Square – has extended its commitment to this vibrant and growing area of the city, which has become a hub for leading-edge media, advertising, and technology companies.”
He added, “The returns from long-term transactions such as this support Trinity’s mission in serving New York City, with our particular focus on issues of racial justice and housing and homelessness. The transaction also reflects the strong stewardship and proactive approach that the Trinity/Norges/Hines joint venture brings to its tenants.”
Tommy Craig, head of Hines’ Tri-State office commented, “Publicis has been in Hudson Square for more than 30 years and we are very proud that they have chosen to not only stay at 375 Hudson, but to expand their commitment to the building and the neighborhood.”
375 Hudson, which was built in 1987, is one of 12 assets in the Hudson Square Properties joint venture. Saatchi & Saatchi PLC, which was purchased by Publicis in 2000, was an original tenant of the building. While Trinity has owned the land for more than 300 years, the joint venture acquired the asset in August 2017 from Tishman Speyer, the original developer of the building.
Spanning the full block from King to West Houston Streets, 375 Hudson is near the Houston Street 1-train station and Hudson River Park. With the Publicis lease, the office portion of the 1,100,000-square-foot building is now 100% leased and will soon be 100% occupied.
Howard Fiddle, Paul Amrich, and Ben Joseph of CBRE represented ownership and the tenant was represented by John Maher, Paul Myers, Mike Wellen, Greg Maurer-Hollaender and Cara Chayet of CBRE. Richard Bernstein, Adam Ardise, Eric Thomas and Stephen Bellwood of Cushman and Wakefield represented a tenant in the building in the disposition of their 280,000-square-foot premises at 375 Hudson Street to accommodate Publicis Group’s expansion.
About Publicis Groupe
Publicis Groupe SA (Publicis) is a French advertising, communications, marketing and public relations company. The company is comprised of numerous affiliates, including Leo Burnett, Saatchi & Saatchi, Publicis New York, Glickman Shamir Samsonov, and BBH in the advertising space; Starcom Mediavest Group and Zenith Optimedia in the media space; Razorfish and Sapient in the technology space; and multiple smaller specialized agencies. The company is headquartered in Paris, France and was founded in 1926.
About Hudson Square Properties
Hudson Square Properties is a joint venture between property owner and majority partner Trinity Church Wall Street and Norges Bank Real Estate Management, managed by operating partner Hines. The portfolio comprises 12 properties totaling six million square feet of commercial space in Manhattan’s Hudson Square neighborhood: 12-16 Vestry Street, 200 Hudson Street, 205 Hudson Street, 75 Varick Street, 100 Avenue of the Americas, 155 Avenue of the Americas, 345 Hudson Street, 350 Hudson Street, 10 Hudson Square, 225 Varick Street, 435 Hudson Street, and 375 Hudson Street. The reimagined former industrial buildings boast a world-class roster of leading creative tenants including advertising agencies, new media companies, designers, architects, software developers, and other high-profile companies.
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CONTACT: For Further Information:
George Lancaster, Hines
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY FINANCE BANKING
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PUB: 07/09/2019 11:05 AM/DISC: 07/09/2019 11:05 AM