WEST VILLAGE, Manhattan (WABC) -- Robert A. Iger, chairman and chief executive officer, The Walt Disney Company, and the Rev. Dr. William Lupfer, Rector of Trinity Church Wall Street, announced Monday that Disney has purchased the rights to develop Trinity's property at 4 Hudson Square in New York City. The property will be the new site of Disney's New York operations.
Under a transaction valued at $650 million, Disney will acquire the rights to develop the 4 Hudson Square site for 99 years.
"Today we're announcing plans to build an incredible new state-of-the-art facility at 4 Hudson Square in downtown Manhattan that will ensure our employees have everything they need to do their best work and lead the way forward. In addition to being LEED-certified for environmental responsibility and efficiency, the new building will also incorporate the latest technology as well as the ability to adapt to the next generation of technological advances," said Mr. Iger. "This move represents an historic step forward toward our long-term vision for our New York operations. The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses. We are pleased and proud to be joining this exciting community and look forward to investing in the growth and development of the neighborhood."
"We are excited to welcome Disney to the vibrant and growing Hudson Square area," said Dr. Lupfer. "This is a significant development in Trinity's centuries-long commitment to this neighborhood and to the area's continuing growth and transformation. We're especially pleased that the transaction will help further Trinity's mission to serve the people of New York City and around the world through our programs and ministries."
With the new, modern facility, which is expected to create thousands of jobs during the development and construction, Disney will consolidate many of its New York operations from several locations including its Upper West Side Campus which was recently sold to Silverstein Properties. The new energy and resource-efficient building to be built at 4 Hudson Square will include offices and production spaces, including flagship homes for WABC-TV, the city's most-watched station; ABC News; "Live with Kelly and Ryan" and "The View." Disney Streaming Services will also relocate to the new headquarters from their current location in Chelsea Market. "Good Morning America" will continue to be broadcast from its Times Square Studio location.
The 4 Hudson Square site, which covers a full city block bordered by Hudson, Varick, Van Dam and Spring streets, is at the core of the Hudson Square neighborhood, an 18-block area that is bounded by Greenwich Street, West Houston Street, Varick Street, Sixth Avenue and Canal Street. The property is part of Trinity's real estate portfolio, which dates back to a land grant given by Queen Anne to the church in 1705. Many of the office buildings in the area were built in the 1900s to house printing presses; today, led by Trinity's continued reinvestment, the neighborhood is a hub for creative industries and businesses.
This release coincides with an announcement that The Walt Disney Company is selling its Upper West Side Campus along West 66th Street and West End Avenue to Silverstein Properties, Inc. The transaction does not include the historic Armory building. Silverstein Properties was chosen not only because of its extensive track record of successful development in Manhattan, but also because of the company's explicit, stated commitment to respectfully engage with the city and the local community. Disney will lease-back the facilities for up to five years while developing the 4 Hudson Square site, thereby ensuring no disruption to current operations.
For these transactions, Disney was advised by Eastdil Secured and Trinity was advised by CBRE.
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