Disney acquired the rights to develop 4 Hudson Square, a Trinity Church Real Estate-owned site, with a 99-year lease, as reported by The Real Deal. The site offers 1.2 million buildable square feet, however, the site is only zoned for 800,000 square feet. The site consists of a full city block, bordered by Hudson, Varick, Vandam, and Spring streets.
The new building is aiming for LEED certification and “will also incorporate the latest technology as well as the ability to adapt to the next generation of technological advances,” according to Disney chair Robert Iger in a statement released on Monday. “The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses.”
The Hudson Square headquarters will consolidate most of Disney New York’s operations, including offices and production spaces for WABC-TV, ABC NEWS, “Live with Kelly and Ryan,” “The View,” and other Disney Streaming Services. Morning talk show “Good Morning America” will continue to operate out of ABC’s Times Square studio. Separately, Disney is closing in on a deal to sell its existing properties to developer Larry Silverstein for $1.55 billion.
Trinity Church’s real estate portfolio dates back to a land grant of 215 acres given by Queen Anne to the church in 1705. Although much of the land from the royal grant has been sold, Trinity Church continues to be one of New York City’s largest landowners, still owning 14 of its original 215 acres across Manhattan, most of which are in the Hudson Square area.
Hudson Square, once known as the printing district in the 1900s, is quickly rebranding as a hub for creative industries and businesses. The area has attracted companies in the media, tech, internet, and creative industries, which was fueled by Trinity’s investment into the area and the 2013 rezoning that allows for new residential development and modern office space.