Firm has acquired the necessary air rights to build a new campus
The Walt Disney Company has reached an agreement with Trinity Church Wall Street to acquire the rights to develop 4 Hudson Square for $650 million. This comes on the heels of the media giant selling its longtime ABC campus at West 66th Street to Silverstein Properties for $1.15 billion.
Dig Deeper: The site will be the future home of Disney’s NYC operations. It allows for the development of 1.2 million square feet, according to Bloomberg.
Worth Noting: The Hudson Square deal is structured as an “estate for years”, which means that in this case the 99-year leasehold will not automatically be renewed.
Moving Pieces: Silverstein will close on the former ABC Campus this week. The firm has lined up $900 million in financing from Deutsche Bank to buy the properties. The collection of TV studios and office buildings span roughly 1.7 million square feet.