Norges Bank Real Estate Management has acquired an additional four percent in the Hudson Square joint venture with Trinity Church Wall Street, bringing the total share up to 48 percent. The joint venture has selected real estate firm Hines as operating partner for the portfolio.
It has been the intention ever since the joint venture was formed in December 2015 to bring in an operating partner and for Norges Bank Real Estate Management to acquire an increased share.
Trinity Church Wall Street maintains a majority interest of 51 percent in the joint venture, while Norges Bank Real Estate Management’s stake has increased by four percent to 48 percent for the duration of the 75-year ownership period. Norges Bank Real Estate Management paid 142 million dollars for the additional share of four percent, bringing the total investment up to 1.7 billion dollars.
As operating partner effective 1 June 2016, Hines has acquired a minority equity stake of one percent of the portfolio.
The portfolio consists of 11 office buildings in Hudson Square in New York, comprising 4.9 million square feet of commercial space. At present, the buildings are approximately 94 percent leased. The joint venture will work with Hines to select qualified third-party brokerage firms to provide landlord representation for office and retail leasing.
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