Brookfield is holding exclusive talks to acquire a stake in Hudson Square Properties. The deal, details of which were first published by the Wall Street Journal, would secure Brookfield a 10 per cent stake in the portfolio, which comprises a total of 13 assets.
A source familiar with the negotiations informed Commercial Observer that Hines would relinquish its stake in Hudson Square Properties after a decade as a minority investor and operating partner. Hines joined the joint venture, primarily owned by Trinity Church Wall Street and Norges Bank Investment Management, in 2016. The current deal with Brookfield values the sought-after collection of buildings on Manhattan's West Side at $3.5 billion. The negotiations, expected to conclude in the coming months, would also see Brookfield take over the long-term operational management of the joint venture, an unnamed source told the Journal.
This year, Hudson Square Properties has established itself as a particularly attractive hub for technology and media tenants. News of Brookfield's potential deal follows shortly after the completion of Anthropic’s 16-storey lease at 330 Hudson Street, which is owned by AEQ Capital.
Other significant deals in the neighbourhood – all falling under Hudson Square Properties – include substantial leases at 345 Hudson Street by PayPal at the end of 2025 and by healthcare platform Tennr in May. These are in addition to large lease renewals by software developer Notion at 75 Varick Street and creative production company RadicalMedia at 435 Hudson Street.
The district, once known for its 20th-century printing and graphics industry, has in recent years transitioned to emerging industries. This has been fostered by significant new settlements from companies such as Google and Disney. Robust leasing activity this year benefited from a city-wide shortage of desirable office space, as well as Hudson Square's proximity to attractive areas such as SoHo, Tribeca and West Village.
Spokespeople for Trinity Church Wall Street and Hines declined to comment. Spokespeople for Brookfield and Norges Bank Investment Management did not immediately respond to requests for comment.
