Brookfield Asset Management Moves to Acquire Stake in Hudson Square's $3.5 Billion Office Portfolio

• Brookfield Asset Management is in exclusive talks to acquire a 10% stake in Hudson Square Properties, a 13-building, 6.2 million-square-foot Manhattan office portfolio, in a transaction that values the portfolio at approximately $3.5 billion.
• The deal, expected to close in the coming months, would also make Brookfield the long-term operating partner of Hudson Square Properties, which is currently owned by Trinity Church Wall Street and Norges Bank Investment Management.
• The transaction comes as tech and AI companies have driven a surge in leasing activity across Hudson Square, with major recent deals at 345 Hudson Street, 75 Varick Street and 435 Hudson Street fueling rising rents and investor confidence in the submarket.

Brookfield Moves Into Hudson Square

Brookfield Asset Management has entered exclusive negotiations to acquire a 10% stake in Hudson Square Properties and assume operating control of the 13-building portfolio, according to reporting first published by The Wall Street Journal. The deal would value the collection of office buildings on Manhattan's West Side at roughly $3.5 billion, marking one of the more significant office transactions in New York City in recent years. Trinity Church Wall Street and Norges Bank Investment Management currently own the portfolio, and the arrangement has previously included Hines as operating partner since 2016. Brookfield is expected to take over that operating role when the deal closes in the coming months.

A Tech-Driven Office Revival

The timing of Brookfield's move is closely tied to a wave of tech and AI leasing activity that has transformed Hudson Square into one of Manhattan's most in-demand office submarkets. PayPal signed a major lease at 345 Hudson Street in late 2025, followed by health platform Tennr in May 2026. Software developer Notion renewed at 75 Varick Street, and creative production firm RadicalMedia renewed at 435 Hudson Street. The broader neighborhood has also attracted Google and Disney, and has benefited from a citywide shortage of desirable Class A office space combined with growing demand from technology and media firms seeking modern environments outside traditional Midtown corridors.

Why Hudson Square, Why Now

Hudson Square's appeal to institutional investors like Brookfield stems from its evolution from a 20th century printing and graphics industry hub into a premier destination for creative, tech and media tenants. The submarket's robust leasing velocity, rising rents and proximity to transit have distinguished it from the broader office market, which has struggled with elevated vacancy in many other Manhattan submarkets. For Brookfield, the deal represents a strategic bet that high-quality office assets in proven tech-focused locations will continue to outperform, consistent with the firm's broader approach of targeting properties where tenant demand and asset quality align.

Deal Details and What Comes Next

Under the terms being negotiated, Brookfield would hold a 10% stake in the Hudson Square Properties joint venture and step in as the long-term operating partner responsible for managing the 6.2 million-square-foot portfolio across 13 buildings. The transaction is expected to close in the coming months, though no final closing date has been announced. No details regarding financing have been disclosed. The deal underscores a broader trend of institutional capital selectively returning to Manhattan office assets where location, tenant quality and leasing momentum support long-term value.