NEW YORK CITY — Jamestown Properties has purchased a 241,000-square-foot office building, located at 325 Hudson St. in New York City’s Hudson Square area, for $110 million.
“325 Hudson St. is an example of Jamestown’s strategy to acquire properties in dynamic neighborhoods with opportunities to add value over time, especially in areas that show promise for media and technology,” said Michael Phillips, COO of Jamestown, in a prepared statement. “Hudson Square is the perfect example of such an area and we are excited to have yet another opportunity to add value in New York City.”
The 10-story property is a former industrial building that was redeveloped in 1998 into a telecommunications center. The building offers special telecommunications features, including floors that can support 200 to 250 pounds per square foot and 12-foot ceilings. Jamestown has teamed up with Amerimar Enterprises and Hunter Newby as operating partners.
Because of these features, the office building is home to many telecommunication and media tenants. In March, Pearson PLC, a publishing company focused on education materials, signed a 7,400-square-foot lease to become the building’s newest tenant.
Jamestown has generated approximately $8 billion in strategic investments during the last 29 years.
— Savannah Duncan