Brookfield is poised to buy a stake in Hudson Square Properties on Manhattan’s West Side in a deal that values the 13-building office complex at $3.5 billion.
The locally based investor is in exclusive talks with owners of the 6.25 million-square-foot portfolio to buy a 10-percent interest in the tech and media hub based at 345 Hudson Street, according to the Wall Street Journal, citing an unidentified source.
The century-old office complex that sits south of the West Village is owned by Trinity Church Wall Street and Norges Bank Investment Management.
Terms of the pending sale were not disclosed. The deal is expected to close in the “coming months,” according to the outlet.
Under the proposed deal, Brookfield would take over as the long-term operating partner of Hudson Square Properties. It’s not clear if Houston-based Hines, named operating partner in 2016, would still have a role in the complex.
Over the past year, Hudson Square has seen a spike in leasing as ballooning tech companies gobble up offices, with artificial intelligence firms driving demand.
In the neighborhood around Hudson Square Properties, San Francisco-based Anthropic announced last week it had leased a 16-story building at 330 Hudson Street. In 2024, Google, based in Mountain View, Calif., opened a 1.3 million-square-foot satellite, while the Disney Company, based in Burbank, Calif., also opened a 1.2 million-square-foot hub.
Late last year, San Jose-based PayPal clinched a deal to lease 261,000 square feet at Hudson Square Properties.
Since last summer, office availability around Hudson Square has dipped by 3 percentage points, while asking rents have jumped nearly 20 percent to more than $87 per square foot, according to Avison Young.
In the second quarter of 2025, office availability at Hudson Square Properties stood at 17.1 percent, above the citywide rate of 14.1 percent, according to the commercial real estate firm. It includes properties at 200, 205, 345, 350, 375 and 435 Hudson; 75, 160 and 205 Varick Street; 12-16 Vestry Street; 100 and 155 Avenue of the Americas; and 555 Greenwich Street.
The Brookfield deal valued the office portfolio at $35 billion, or $5,600 per square foot.
Hudson Square Properties was launched 300 years ago under a royal decree by Queen Anne of England, who in 1705 granted 215 acres to Trinity Church.
In 2015, Norges Bank Investment Management partnered with the parish to overhaul the heirloom offices once used by the printing industry into a communication and technology hub. Norges, the world’s largest sovereign fund, is a division of Norges Bank, owned by the Norwegian government.
Brookfield Asset Management, based in New York, has more than $1 trillion of assets under management, according to its website.
– Dana Bartholomew
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