The partnership between Norges Bank Investment Management, Trinity Church Wall Street and Hines has extended the remaining 72-year ownership interest in the Hudson Square portfolio in New York City to a 99-year term.
The agreement was signed and completed on April 17, 2019.
The portfolio consists of 12 assets in the Hudson Square submarket in New York City. We will pay approximately 98 million dollars for the extended 48 percent ownership interest in the portfolio. No financing will be involved in the transaction.
As part of the transaction, Norges Bank Investment Management has also entered into agreements to acquire a 48 percent interest in two to-be-constructed assets upon construction completion. The new assets are to be located adjacent to two of the existing assets in the portfolio, at 561 Greenwich Street and 92 Avenue of the Americas. The properties are currently solely owned by Trinity Church Wall Street, which plans to develop 283,000 square feet of office and retail space.
Marthe Skaar, Manager of Communications and External Relations
Tel: + 47 926 17 663 / +47 24 07 35 61
E-mail: press@nbim.no