Hines JV Lands Large Lease Extension in Manhattan

March 18, 2025

Office Brokerage New York News More Northeast

A media agency will continue to occupy the space for another 17 years.

Exterior shot of 75 Varick Street, a 17-story office building with brown façade. — The 1 million-square-foot building at 75 Varick St. underwent a complete renovation in 2002. *Image courtesy of CommercialEdge*

Hudson Square Properties, a joint venture of Hines, Trinity Church NYC and Norges Bank Investment Management, has signed a 360,000-square-foot lease extension at 75 Varick, a 1 million-square-foot office building in Manhattan. Horizon Media will continue to occupy the space spanning six floors for another 17 years. Newmark brokered the transaction.

Horizon, the largest U.S. media agency, has been the building’s tenant since 2010. The roster also includes Splashlight, Adelphi University and Getty Images, among others, according to CommercialEdge information.

Also known as 1 Hudson Square, the office building at 75 Varick St. is in Lower Manhattan’s Hudson Square neighborhood. The transit-oriented property is also less than 3 miles from the Empire State Building.

Designed in 1929 by Ely Jacques Kahn, the 17-story building underwent a complete renovation in 2002, as well as recent lobby upgrades. The LEED Gold-certified mid-rise features floorplates ranging between 37,179 and 80,775 square feet, as well as 60,000 square feet of retail space. Amenities include a coffee shop, an interior lounge, a spa and childcare services alongside multiple rooftop amenity spaces.

Newmark President David Falk and Vice Chair Peter Shimkin represented Hudson Square Properties. Vice Chairs Moshe Sukenik and Chris Mongeluzo worked on behalf of Horizon Media.

Manhattan’s office vacancy rate remains steady

Manhattan’s office vacancy rate at the end of January clocked in at 16.6 percent, well below the 19.7 percent national average and just 10 basis points higher year-over-year, according to the latest CommercialEdge office report. Meanwhile, the borough’s average listing rate was $68.2, down 3.6 percent over the year.

In one of January’s larger deals, The Federal Deposit Insurance Corp. signed a long-term lease to occupy 147,543 square feet at 1166 Ave. of the Americas. The federal institution will relocate from the Empire State Building.