Volume 16 • Issue 43 | March 26 - April 1, 2004

New businesses in Hudson Sq.

By Jason Pizer

With a portfolio of more than 7 million square feet of space, Trinity Real Estate is the leading property owner in Hudson Square. Trinity Real Estate’s history dates back more than three centuries, when it started to develop properties for residential use on land ceded to the parish by England’s Queen Anne in 1705. Over the next 100 years, the area underwent a number of commercial incarnations, including serving as a center for the printing industry.

Hudson Square began to become more of a business district nearly 20 years ago when Trinity Real Estate recognized the potential of this area and started transforming most of its light industrial buildings to a modern office-building portfolio for a variety of corporate users.

The conversion process was extensive, a multi-million dollar undertaking to bring high-quality office space to the area. The result is a portfolio that now attracts high-end tenants including some of the world’s largest fashion, multi-media, advertising and corporate users.

Some of the area’s newest retail destinations include world-famous chocolatier and Food Network television star, Jacques Torres’ new chocolate factory and shop in 7,800 square feet of space at 350 Hudson Street. Around the corner is BYO Co., Ltd, a popular Japanese restaurant chain with more than 28 sites throughout Asia, which has its first US location at 435 Hudson Street.

These businesses complement the diversified tenancy at Trinity-owned buildings, like One Hudson Square, Trinity’s trophy property. There, the tenant roster includes Morgan Stanley, a major financial institution and one of Trinity’s more traditional corporate tenants, occupying nearly 250,000 square feet of space. In contrast, Getty Images one of the world’s leading image banks, occupies nearly 100,000 square feet of space in the property. An elevator ride away from these firms is Red Herring, an integrated media company whose ideas and technological innovations are re-shaping the world of business. These companies couldn’t be more contrasting, but they all possess a recognize the ideal location and space the building and area offers.

The diversity has been an attraction for many firms looking to relocate from “traditional” industry locations. This is clearly illustrated by Miss Sixty, a high-end Italian jean designer, which recently brought its showroom and corporate office space to 435 Hudson Street. Interestingly, the company relocated from the Garment District – the traditional home for fashion houses — to the Midtown South area. While many designers questioned the move, Miss Sixty has enjoyed overwhelming success in its Hudson Square location and recently expanded its space by 4,000 square feet, bringing its total occupancy to just under 15,000 square feet. The space at 435 Hudson allowed the company to create remarkable and aesthetically pleasing showrooms with high ceilings and a tremendous amount of light, accomplishing a feat that would have been almost impossible in the Garment District.

Similarly, renowned beauty firms like Aveda, a skin care and beauty division of cosmetic giant Esteé Lauder, moved to the area, enabling the company to create office and showroom space unlike any other in the business. Aveda leased 15,000 square feet of space on the top two floors of 100 Avenue of the Americas. The cosmetics firm needed to relocate its office, previously at the 45th floor of 767 Fifth Avenue, in order to accommodate its rapidly expanding operations. Its new space features large glass windows, skylights and an indoor staircase leading to a glass-enclosed roof atrium, a vast departure from the conventional office environment in Midtown.

Aveda and Miss Sixty are not alone in their impression of Hudson Square. One of the best aspects of the success of the Hudson Square neighborhood is the eclectic atmosphere that has developed. Creative people mixing with first class retail and world-renowned restaurants – provides the whole package—a great neighborhood in which New Yorkers can work, live and play, and a refreshing change from the traditional environment.

Jason Pizer is director of Trinity Real Esatate’ss Brokerage and Leasing Division.


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