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.
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