$400M Loan for Hudson Square Tower

Norway’s sovereign wealth fund, Norges Bank Real Estate Management, has bought a 48% ownership stake in 375 Hudson St., a 19-story office and retail tower in Manhattan’s Hudson Square neighborhood. The fund paid $223 million for its share of the building, joining a joint venture with Trinity Church Wall Street and Hines. The transaction valued the entire property at $865 million.

Earlier in August, Trinity Wall Street borrowed $400 million to buy 375 Hudson 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,” said John Alascio, executive director in Cushman & Wakefield’s Equity, Debt & Structured Finance group, which arranged the financing.

Affiliates of Goldman Sachs Mortgage Company provided the senior mortgage. Built in 1987, the office space at the 1.1-million-square-foot tower is currently 100% leased, anchored by Saatchi & Saatchi which occupies more than 62% of the space.

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