Dear Parish Family,
I am pleased to share with you the news that Trinity and Norges Bank Investment Management have signed an agreement creating a joint venture in which Norges will take a 44 percent interest, and Trinity currently will retain a 56 percent interest in a portfolio valued at $3.55 billion comprising 11 office properties totaling 4.9 million square feet in New York City's Hudson Square neighborhood. We expect to close by the end of the year.
The joint venture results in a diversification of Trinity's total assets, critical to sustaining the church's mission that encompasses programs, services, and ministries reaching millions of people in New York City and around the world.
The buildings were originally built in the early 1900's to house printing presses, but have been redeveloped by Trinity to attract a mix of creative office tenants. The properties are approximately 94 percent leased and total over 4.9 million square feet, and are all located in Hudson Square. They include: 12-16 Vestry Street, 200 Hudson Street, 205 Hudson Street, 75 Varick Street, 100 Avenue of the Americas, 155 Avenue of the Americas, 345 Hudson Street, 350 Hudson Street, 10 Hudson Square, 225 Varick Street, and 435 Hudson Street. The total portfolio comprises over 30 percent of the Hudson Square commercial neighborhood.
For more than 300 years, Trinity Church has nurtured and shared its gift of land in Hudson Square, which has directly supported the church and its mission, as well as the growth of New York City. Our partnership with Norges Bank Investment Management will help to continue Trinity's ministries around the globe for many generations to come.