Tech Leasing Surge Pushes Hudson Square Portfolio to $3.5 Billion Valuation
Brookfield is negotiating to acquire a 10% stake in Hudson Square Properties and assume operating control of the 13-building, 6.2 million-square-foot portfolio. Trinity Church and Norges Bank Investment Management own the complex, which would be valued at $3.5 billion under the proposed transaction. Brookfield would become the long-term operating partner when the deal closes in the coming months.
AI companies have fueled leasing activity in Hudson Square over the past year. Anthropic signed a lease for the entire 16-story building at 330 Hudson Street, just south of the portfolio, and plans to more than double its New York workforce by the end of 2026. PayPal leased 261,000 square feet at Hudson Square Properties in late 2025. Office availability in the neighborhood fell 3 percentage points since the second quarter of 2025, while asking rents climbed nearly 20% to over $87 per square foot.
Google and Disney each opened headquarters of more than one million square feet in Hudson Square in 2024, establishing the area as a tech and media center. Office availability in Hudson Square stands at 17.1%, above the citywide rate of 14.1%, but tech firms are expanding beyond transportation-hub submarkets as high-quality space fills up. Trinity Church’s ownership of the site dates to a 1705 land grant from Queen Anne of England; Norges partnered with the parish in 2015 to convert the printing-industry buildings into a modern creative campus.
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