Trinity Real Estate bought Tishman Speyer’s leasehold on the office building at 375 Hudson Street for an undisclosed amount, sources told The Real Deal. The church, which already owns the land under the building, funded the acquisition with a $400 million, 10-year fixed-rate loan from a Goldman Sachs affiliate.
Trinity, the real estate arm of Trinity Church, and Tishman Speyer could not immediately be reached for comment, but a source close to the religious organization confirmed the deal.
Cushman & Wakefield’s Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus brokered the loan.
Tishman Speyer completed construction of the building in 1987 and has held the leasehold ever since. The 19-story building in Hudson Square includes 1.1 million rentable square feet of office space and is currently 100 percent leased.
Communications and advertising agency Saatchi & Saatchi occupies more than half of the the building. Last year, ad agency Rokkan inked a 35,000-square-foot lease at the property.
In 2015, Trinity sold a 44 percent stake in 11 Hudson Square buildings to Norway’s sovereign wealth fund Norges Bank Investment Management for $1.56 billion. It wasn’t immediately clear whether Norges was a part of this latest deal.