Brookfield plans to buy stake in Hudson Square complex in bet on Manhattan tech hub

 Real-estate giant Brookfield is in exclusive talks to acquire a stake in Hudson Square Properties in a deal that would value the complex at $3.5 billion and further solidify the status of Manhattan’s West Side as the city’s newest tech and media hub.

Brookfield, which would own 10% of the 13-building, 6.2 million-square-foot portfolio, would also take over as its long-term operating partner, according to a person familiar with the matter. The deal is expected to close in the coming months.

Located south of the West Village and a few blocks from the Hudson River, the Hudson Square office district has experienced robust leasing over the past year as fast-expanding tech companies snap up space.

Artificial-intelligence firms in particular are driving the demand. Anthropic said last week that it had leased an entire 16-story building at 330 Hudson St., just south of Hudson Square Properties. The creator of the Claude chatbot has said it is on track to more than double its New York workforce by the end of 2026.

Recent deals at Hudson Square Properties include a new lease signed in late 2024 with PayPal for 261,000 square feet.

Office availability in the Hudson Square neighborhood has fallen 3 percentage points since the second quarter of 2025, according to commercial real-estate firm Avison Young, while asking rents have risen nearly 20%, to more than $87 a square foot.

That’s good news for Hudson Square Properties, which has been marketing itself as a tech and creative hub. Google opened its 1.3 million-square-foot headquarters nearby in 2024. That same year, Disney opened its own 1.2 million-square-foot headquarters in the neighborhood.

Office availability in Hudson Square, at 17.1% as of the second quarter, remains above the citywide rate of 14.1%, according to Avison Young. Office buildings near transportation hubs like Grand Central Terminal and New York Penn Station were leased fastest in the years after the pandemic. But as space in high-quality buildings in those areas fills up, office-hungry tech companies have expanded to other parts of Manhattan.

Brookfield’s investment in Hudson Square Properties would make them partners with Trinity Church and Norges Bank Investment Management. Trinity Church’s ownership of the portfolio dates back more than 300 years, when Queen Anne of England gifted a 215-acre land grant to the parish in 1705.

Norges Bank Investment Management, which manages the world’s largest sovereign-wealth fund, partnered with Trinity Church in 2015 to overhaul its Hudson Square portfolio, long a home to companies in the printing industry, into a modern creative hub.

https://www.msn.com/en-us/money/companies/brookfield-plans-to-buy-stake-in-hudson-square-complex-in-bet-on-manhattan-tech-hub/ar-AA27LdFi

Data center operator Csquare sets terms for $1.3 billion IPO

 Csquare, which owns and operates 64 data centers across the US and UK, and provides colocation services, announced terms for its IPO on Monday.

The Coppell, TX-based company plans to raise $1.3 billion by offering 50 million shares at a price range of $23 to $27. At the midpoint of the proposed range, Csquare would command a fully diluted market value of $3.9 billion.

Csquare is a carrier-neutral colocation data center operator that provides enterprises, network service providers, and cloud platforms with space, power, and connectivity infrastructure to house and operate their IT equipment. As of March 31, 2026, the company operates 64 facilities across 21 major US metropolitan markets, offering services that include enterprise colocation, interconnection, and additional managed infrastructure solutions. Its facilities are designed to support long-duration, availability-sensitive workloads, with power densities reaching up to 150 kW per rack. Revenue is primarily generated through recurring contracts for colocation and interconnection services, with interconnection accounting for approximately 10–13% of recurring revenue in recent years.

Csquare was founded in 2018 and booked $1.0 billion in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol CSQR. Morgan Stanley, TD Securities, Wells Fargo Securities, BofA Securities, BMO Capital Markets, Scotia Capital, Jefferies, J.P. Morgan, RBC Capital Markets, and Societe Generale are the joint bookrunners on the deal. It is expected to price the week of July 13, 2026.

Relevant Profile: CSQR

https://www.renaissancecapital.com/IPO-Center/News/120290/Data-center-operator-Csquare-sets-terms-for-$1.3-billion-IPO

Damaged Manhattan Tower Owner To Reconstruct 15 Floors After Evacuation

 

The developer behind the Midtown Manhattan tower that was evacuated over structural concerns Tuesday says it has a plan to fix the issue, including reconstructing 15 floors that were added to the original building as part of its conversion into apartments, according to Crain’s New York. The height of the tower’s 21st floor, which is taller than others at 235 East 42nd St., made two columns more susceptible to load, said Nathan Berman, chief executive officer of developer Metro Loft. Those columns weren’t sufficiently reinforced, leading them to bend and causing some of the 15 cantilevered floors above to sag. “We are prepared to rebuild that portion of the building,” Berman said in an interview. “It will be reskinned, everything will be leveled, fixed in place, and it will be brand new.” The damage at the tower, the former headquarters of Pfizer Inc., has highlighted the engineering challenges of office conversions, a strategy embraced by developers and officials including Mayor Zohran Mamdani as a way to address New York’s housing shortage. Berman said shoring and stabilization of the building is likely to be completed in the next day or two, after which Metro Loft will wait on city officials for further instructions. He emphasized that the structural concerns affect only about 18,000 square feet out of the entire 1.3 million-square-foot-project. Berman said that construction was several months ahead of schedule, so it’s unlikely that this setback will impact the project’s original timeline of opening this year, or its $720 million construction loan provided by Madison Realty Capital.

https://www.crainsnewyork.com/news/cny-midtown-building-replacing-15-floors-20260709/

2 World Trade Center Officially Restarts Construction with Ceremonial Groundbreaking

 

A groundbreaking ceremony was held yesterday to mark the official resumption of construction on 2 World Trade Center, a 55-story commercial supertall in Manhattan’s Financial District. Designed by Norman Foster of Foster + Partners and developed by Silverstein Properties, the 1,226-foot-tall skyscraper is the final component of the 16-acre World Trade Center complex and is slated to yield 2 million rentable square feet of office space. Port Authority of New York & New Jersey (PANYNJ) is the owner of the project site, which occupies a full block bounded by Vesey Street to the north, Fulton Street to the south, Church Street to the east, and Greenwich Street to the west.

The project was rebooted on February 25 when American Express announced its commitment to serve as the anchor tenant. Construction activities had already resumed prior to yesterday’s formal kickoff for the skyscraper, which has sat dormant at street level since 2011.

At the ceremony, city and project leaders unearthed symbolic dirt in a tent at the eastern end of the lot. This portion of the property was formerly occupied by a seasonal beer garden and will eventually be included within the skyscraper’s footprint.

The event featured speeches by Denise Pickett, president of Enterprise Shared Services (ESS) at American Express; Lisa Silverstein, CEO of Silverstein Properties; and New York City Mayor Zohran Mamdani, all pictured below. Other speakers included Katherine Garcia, executive director of the Port Authority of New York & New Jersey; Kevin J. O’Toole, chairman of the Port Authority of New York & New Jersey; and Gary LeBarbera, president of the Building and Construction Trades Council of Greater New York.

A new rendering of the skyscraper and a scale model were on display, previewing the tower’s stepped massing.

A new rendering of the World Trade Center complex seen at the groundbreaking ceremony for 2 World Trade Center. Photo by Michael Young.

Following the programming, attendees were invited on tours of the 80th floor of 3 World Trade Center and the 40th floor of 7 World Trade Center to take in aerial views of the 2 World Trade Center site. The following photos from the tour show more materials and machinery on the property since our last update in early May, when crews were still removing sections of the wooden and metal coverings installed to protect the stalled superstructure during its nearly 15 years of dormancy.

Workers are focused around the core of the building, where deep voids are steadily being filled in with new steel rebar for the inner core walls between the elevator shafts and egress stairwells. Meanwhile, some of the existing duct work is being reconfigured in preparation for the building’s vertical progress in the coming months.

2 World Trade Center. Photo by Michael Young.

American Express plans to make the skyscraper its new global headquarters with a capacity of up to 10,000 employees across flexible floor arrangements. The building’s stepped terraces are expected to yield more than 1 acre of outdoor space, and the tower will be equipped with advanced technology and fully electric, energy-efficient systems. The project will also pursue Leadership in Energy and Environmental Design (LEED) certification. American Express’s headquarters has been located at 200 Vesey Street since 1986.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

Cconstruction is projected to create more than 3,200 direct and indirect construction-related jobs in New York City. The project is also expected to contribute nearly $6 billion to the city’s economy and $6.3 billion to the economy of New York State.

2 World Trade Center’s anticipated completion date is slated for 2031.

https://newyorkyimby.com/2026/07/2-world-trade-center-officially-restarts-construction-with-ceremonial-groundbreaking-in-financial-district-manhattan.html

Billionaires’ Row tower risks ‘raining chunks of concrete’ on NYC, starts facade repairs this month

 A massive apartment at 432 Park Ave. on Billionaires’ Row is in contract for far less than its asking price, and the deal is slated to reset sales in the building.

The unit, 94A, last asked $25.75 million — down from its $33 million ask in 2024. The buyer purchased the half-floor unit for $31.5 million in 2019. It asked $26.95 million in January. The buyer and final price are not yet known, but it will be for less than $25 million and will have major repercussions for future sales.

“This [closing] will reset what the market is for the building,” said listing broker Marc Riedel, of Serhant, who shares the listing with Serhant’s Jordyn Nusynowitz. “We had multiple offers. This is where the market is.”

To that end, a half-floor unit on the 66th story just slashed $3.5 million off its asking price. The four-bedroom unit, which was asking $32.5 million in 2020, now asks $22.99 million with listing brokers Fredrik Eklund and John Gomes of Douglas Elliman.

12

432 Park Ave.Christopher Sadowski

12

Repairs begin on the facade, which is cracking, this month.Robert Miller
Built in 2015, the building was designed by the late architect Rafael Viñoly, who died in 2023.

In an astonishingly frank interview with Gimme Shelter, Viñoly once said the building “has a couple of screw-ups,” including window frames that take up too much space, and interior design and layout that gave the bathrooms prime views at the front of the building.

Since then, some prices have been falling. Especially since an alarming report last fall, warning that concrete cracks could lead to “raining chunks of concrete“ and render the building uninhabitable unless it launched an extensive, and pricey, $160 million renovation. 

12

The views from the 94th floor are divine.Tim Waltman for Evan Joseph

12

The apartments all come with 10-by-10-foot foot windows.Tim Waltman for Evan Joseph

Riedel added that repairs to the building’s facade will begin this month — with owners footing the bill. It will take three to four years to complete, he said, adding that owners hope the courts will force the developer to ultimately pay the repair costs.

Residents have also complained about the supertall’s swaying and groaning, leaks, power outages and elevator problems — as well as high-priced required monthly minimums in the building’s private restaurant. 

But Riedel said that many of the complaints — like the sound of trash crashing down the chutes at harrowing speeds — have been fixed; and that the restaurant cost of $15,000 a year per unit, is reasonable.

12

A dining area overlooks the city.Tim Waltman for Evan Joseph

12

A formal dining room.Tim Waltman for Evan Joseph

12

An open chef’s kitchen comes with a breakfast bar.Tim Waltman for Evan Joseph

12

The great room is divided into different entertaining and lounging areas.Tim Waltman for Evan Joseph

12

A view of the layout.Tim Waltman for Evan Joseph

12

The main bedroom at sunset.Tim Waltman for Evan Joseph

The facade, he said, is the last big problem that needs to be fixed.

Donna Olshan’s Monday-released Olshan Luxury Market Report first noted this sky-high unit had found a buyer.

At 3,952 square feet, the unit comes with three bedrooms and three and a half baths — as well as high ceilings, and design details like a chef’s kitchen and a corner great room with Central Park and city skyline views.

Riedel also said the seller had a signed contract with a renter for $85,000 a month — a building record for a half-floor dwelling — but then found a buyer before the renter moved in.

12

Another bedroom with a sitting area showcases the city.Tim Waltman for Evan Joseph

Building amenities include a 75-foot lap pool, a gym and a porte-cochère driveway. 

There appear to be only two sales this year — and in the past, some sellers have taken big hits on the higher floors. Unit 84A, for example, closed for $21.3 million in 2016. When it sold again, in 2024, the closing price was $13.5 million, according to records. 

There are currently 12 units on the market including this in-contract spread and a full-floor unit on the 64th floor asking $90 million. In addition, it appears that six units are still owned by the sponsor.

12

432 Park Ave. was built in 2015.stefano giovannini
“It looks like a lot of people want to get out,” said Riedel, who also has other listings in the building, including one that is off-market. “But that comes with the fact that there is litigation. People are worried and skittish. There is risk, and pent up demand to sell when sellers haven’t recognized the realities of the new prices. People don’t want to take the loss but the reality is that just like a number of Billionaires Row buildings, prices have come down.

“This isn’t a 432 Park thing. It’s a billionaires Row thing. It’s just a saturation of product, combined with litigation,” Riedel said.

He added that he believes the newer Billionaires’ Row buildings will also see prices drop, in part because there is “continued new product” on the market.

“432 Park isn’t new any more. It will take time for other buildings that are newer to see their prices come down,” he said.

https://nypost.com/2026/07/10/real-estate/432-park-will-begin-facade-renovations-this-month/