New York’s first speculative office building to begin construction during the pandemic opened in Manhattan’s Hudson Square neighborhood last year. The project highlights the transformation of a former manufacturing district into a vibrant mixed-use hub where corporate giants, including Google and Disney, plan to set up major campuses.
The 270,000-square-foot, 16-story office tower located at 555 Greenwich St. was combined with the existing historic art deco-styled 345 Hudson St. to become one full-block office building spanning more than 1 million square feet. It offers a template of what today's office employees desire and features so-called biophilic designs that connect office occupants to nature. The development, for instance, features 25,000 square feet of private outdoor space via 10 outdoor terraces and one 8,000-square-foot communal garden terrace.
The project is also known for its sustainability features, such as becoming one of the first large commercial buildings in New York to go all-electric and using geothermal and radiant heating and cooling.
It also represents another telling example of the makeover of the neighborhood — surrounded by Tribeca, West Village and SoHo with the Hudson River and its waterfront walkway to the west — from a former printing and warehouse manufacturing district into a residential, office and retail mixed-use district since the area was rezoned more than 10 years ago.
The project received a CoStar Impact Award, as judged by local real estate professionals familiar with the market.
About the Project: Designed by CookFox Architects, 555 Greenwich features retail on the ground floor and office space above, with floor plates ranging from 15,000 square feet in the tower to 25,000 square feet in the podium. It also features prebuilt office spaces designed by Vocon. It was developed by Hudson Square Properties, a joint venture made up of Trinity Church Wall Street, Norges Bank Investment Management, and Hines as the operating partner.
What the Judges Said: "The sustainability features of this development separate it from other developments of the year," said James Famularo, president of Meridian Retail Leasing. "Focusing on sustainability with buildings of this size is important and very helpful for the city in the long run."
Ronald Cohen, chief sales officer of Besen Partners, said the project is an "absolute standout" because of "the impeccably modern yet respectfully contextual design and seamless integration with 345 Hudson."
They Made It Happen: At Hines, Tommy Craig, Frank Garigliano, Daniel Rafkin, Tom Aloi and Matthew Schnitzer worked on the project. At Trinity Church Wall Street, Sujohn Sarkar, Matt Fox and Paul Walsh worked to make the project happen, while Grayson Hoffmann and Sarah Kaufman of Norges Bank Investment Management also took part.
CoStar Senior Market Manager Ryan Brame contributed to this report.