NYC developer plans to build 28-story office tower in trendy Manhattan neighborhood

The developer behind Essex Crossing plans to build a nearly half-million square-foot office tower on Trinity Church land at Hudson Square — a sign of confidence in Manhattan’s troubled commercial market.

Taconic Partners and its investment partner Nuveen Real Estate unveiled images of One Grand, a tower to rise at the corner of Grand and Varick streets where Soho, Hudson Square and Tribeca converge.

The project designed by SHoP Architects is shown here for the first time.

It will rise 28 stories with 430,763 square feet of office space.

The first office floor will be 100 feet above ground with a public school and retail below it.

The land is currently vacant.

Taconic won’t start construction until it finds an anchor tenant — standard for nearly all new developments. The leasing task falls to a JLL team headed by New York president Peter Riguardi.

Several “supertall” office projects are theoretically planned in Midtown, but their designs are vague and none is anywhere near to coming out of the ground during the market downturn.

One Grand’s more modest size and fully-realized architecture give it a head start over the field.

The land is owned by Trinity Church, which remains one of Lower Manhattan’s major landowners. It chose Taconic and Nuveen to develop the site in 2019.

Taconic says the tower will boast advanced wellness and sustainability features, a 13,000-square-foot amenities center, 20,000 square feet of outdoor space and 14-foot ceiling heights.

Riguardi, citing Manhattan’s “much-documented flight to quality,” said One Grand “is an opportunity for forward-thinking companies to secure a headquarters presence in this prized area.”

Taconic, a powerhouse in commercial and residential real estate, is currently developing the Hudson Research Center on far West 54th Street as well as three apartment buildings. The company’s Essex Crossing on the Lower East Side has been widely acclaimed as one of the city’s finest mixed-use projects ever.

Icahn Mount Sinai Takes 10K SF at Hudson Research Center – Commercial Observer

The Icahn School of Medicine at Mount Sinai set up a new Human Immune Monitoring Center (HIMC) at the Hudson Research Center, Commercial Observer has learned.

Icahn Mount Sinai signed a 10-year lease for 10,000 square feet of prebuilt lab space inside the development at 619 West 54th Street, according to owners Silverstein Properties and Elevate Research Properties, Taconic Partners’ life sciences arm. Asking rents in the property are more than $100 per square foot.

The HIMC will try to create blueprints of patient-specific immune profiles to offer them more specific diagnoses and treatments, according to owners. Since the space was part of Hudson Research Center’s prebuilt lab options, which are 90 percent leased, HIMC was able to get up and running quickly.

This isn’t the first deal with Ichan at the 320,000-square-foot life sciences development. In May, the school signed a 23,000-square-foot lease and partnered with the Rensselaer Polytechnic Institute to open the Center for Engineering and Precision Medicine.

“We continue to see the resiliency of the life sciences market here in New York City at a time when the overall commercial real estate market remains challenged by macroeconomic conditions,” Matthew Weir, president of Elevate and executive vice president at Taconic, said in a statement. “We are excited to grow our relationship with Mount Sinai and are proud to be nearing the end of our successful redevelopment of the Hudson Research Center.”

The deal was done directly between the tenant and owner, a spokesperson for the landlords said.

The 10-story building between 11th Avenue and the West Side Highway was previously a film editing house for Warner Bros. Pictures.

Taconic bought it in 2012 for about $110 million with plans to turn it into a research center, as CO previously reported. Silverstein jumped on board in 2017 — when the center opened — after buying a majority stake that valued the property at more than $180 million, the New York Post reported.

In September, Silverstein put its ownership stake up for sale, with pricing expected to reach into the $300 million range, as CO previously reported.

Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.