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NEW YORK CITY-Locally-based Tribeca Assoc. LLC together with capital partners Greenwich, CT-based Square Mile Capital Management LLC and Latus Partners have signed a 99-year ground lease with Manhattan-based Trinity Real Estate for 330 Hudson St. The transaction paves the way for the $220 million redevelopment of 330 Hudson St. to create a 410,000 rentable sf property including a luxury boutique hotel, class A office space and retail opportunities as GlobeSt.com reported Tuesday.

Designed by architects Brennan Beer Gorman, as GlobeSt.com previously reported, 330 Hudson St. will incorporate the redevelopment of the existing eight-story, vacant structure with the addition of an environmentally sensitive glass and brick tower that will bring the entire project to a total of 22 stories. The property will be comprised of 292,000-sq.ft.of rentable office space, 15,000-sq.ft. of retail space, and a 171-key luxury boutique hotel.

“We are delighted to work with Trinity Real Estate to net lease this exceptional property and begin to execute our plans to deliver an outstanding retail, office and hotel property to the Hudson Square neighborhood,” notes Bill Brodsky, a principal of Tribeca Assoc. The development will offer the largest contiguous block of class A office space in the Midtown South market, and also bring the first hotel to the heart of Hudson Square.

According to Tribeca Assoc. principal Drew Conner, construction will begin on 330 Hudson St. in October of 2007. The commercial space is slated for delivery for tenant construction in January of 2009.

“We believe Hudson Square is prime for both a hotel and additional class A office space,” notes Square Mile Capital Management principal Jeff Citrin. As GlobeSt.com previously reported, the ground lease was arranged by Andrew Peretz and Robert Constable, both executive directors of Cushman & Wakefield, on behalf of Tribeca Assoc.

John Livingston president of Tishman Urban Development Corp. served as a consultant to Trinity Real Estate on this transaction, joining Mr. Weisbrod, Jason Pizer, director of leasing, and John Franqui, head of Trinity’s strategic planning unit. The same Cushman & Wakefield team of Peretz and Constable has been named exclusive leasing agent for the 10-story office component of 330 Hudson St.”We are offering the largest block of quality office space in the most vibrant commercial market in Manhattan,” Peretz says, pointing to the many exceptional features of the property, including extra-height ceilings, a floor-to-ceiling glass exterior on the top two floors, 9,000 sf of exterior terrace space, and entirely new vertical transportation, HVAC, security and voice/data/power distribution systems.

Constable adds that market demand is huge for this type of space, and “it’s all wrapped up in a painstakingly restored and modernly expanded LEED-certified office building.” The historic neighborhood of Hudson Square has already attracted some of New York’s greatest creative entities as office tenants, including Viacom’s MTV Networks, WNYC, CBS Radio, Workman Publishing, The Weinstein Company, In Demand, Penguin Putnam publishers, Art Institute of New York City, Nature America, the Jackie Robinson Foundation, Sears Design, Getty Images and Bliss Spa.

“With 330 Hudson Street, we are furthering the transformation of Hudson Square itself, adding a much-demanded exclusive boutique hotel, high-end retail, dramatic high-end dining and unparalleled office space in an architecturally significant and complementary property,” Tribeca Assoc.’ Brodsky says.

“We are currently developing a hotel and a loft condominium building in Tribeca, so the opportunity to build the mixed-use development at 330 Hudson represents an important progression of our business plan, and reaffirms our commitment to lower Manhattan,” explains Elliot Ingerman, principal of Tribeca Assoc.

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