Trinity Real Estate and Norges Bank selected Hines to operate their $3.55 billion Hudson Square portfolio.
The Houston-based Hines, developer of 7 Bryant Park and the supertall MoMA luxury condo tower at 53 West 53rd Street, will pay about $35 million to acquire a 1 percent stake in the 11-building portfolio, according to Crain’s.
The company will earn fees for leasing and managing the properties, though details of the compensation were not disclosed.
The 5 million-square-foot portfolio of commercial buildings is valued at $3.55 billion after Trinity sold the Norwegian sovereign wealth fund Norges a 44-percent stake in the 75-year ground lease covering the properties.
After inking the deal, Trinity and Norges launched a search for a property management partner that drew interest from the likes of Hines, RXR Realty, Silverstein Properties and Tishman Speyer. Representatives from the companies made presentations on their proposals earlier this month.
CBRE’s Darcy Stacom and Bill Shanahan advised Trinity in both the sale to Norges and the deal with Hines. [Crain’s] – Rich Bockmann