Hudson Square Properties, a prominent joint venture involving Trinity Church NYC, Norges Bank Investment Management, and Hines, has successfully negotiated lease renewals with two significant tenants, Notion and RadicalMedia. This development underscores the continued demand for high-quality office spaces in New York City and highlights the appeal of Hudson Square’s portfolio.
Key Takeaways
- Notion, an AI productivity software developer, has extended and expanded its footprint at 75 Varick Street.
- RadicalMedia, a media and creative production firm, has renewed its long-standing lease at 435 Hudson Street.
- These renewals signal a positive trend for the commercial real estate sector, particularly in established urban centers.
Notion Expands at 75 Varick Street
AI productivity software developer Notion has significantly increased its presence at 75 Varick Street. The company has extended and expanded its lease, adding 26,427 square feet to its existing space. Notion will now occupy a total of 76,140 square feet. The new seven-year rent-paying term is set to commence following the completion of a turnkey buildout, indicating a commitment to customizing the space for future growth and operational needs.
RadicalMedia Deepens Roots at 435 Hudson Street
RadicalMedia, a firm with a long history in media and creative production, has reaffirmed its commitment to 435 Hudson Street by renewing its lease. Having been a tenant at this location since the mid-1990s, RadicalMedia has secured a 31,390 square foot space under a 10-year lease term. This renewal signifies the enduring appeal of the location for established creative businesses.
A Commitment to Quality and Adaptability
Jason Alderman, senior managing director at Hines, commented on the significance of these renewals. "From technology firms expanding their presence to creative media companies deepening decades-old roots, we remain committed to creating adaptable, high-quality office environments that support growth and innovation," Alderman stated. This sentiment reflects Hudson Square Properties’ strategy to provide versatile and premium office solutions that cater to the evolving needs of its diverse tenant base.
Brokerage Representation
In these transactions, Newmark’s Andrew Peretz represented RadicalMedia. Sacha Zarba and Joe D’Apice of CBRE acted on behalf of Notion. Hudson Square Properties was represented in both lease renewals by a CBRE team comprising Paul Amrich, Howard Fiddle, Neil King, Zachary Price, Benjamin Joseph, and James Ackerson.