Volume 81, Number 18 | October 6 - 12, 2011
West and East Village, Chelsea, Soho, Noho, Little Italy, Chinatown and Lower East Side, Since 1933
Photo by Dan Miller/DMD Images
At the Sept. 19 announcement on Pearson LLC increasing its amount of office space in Hudson Square, from left, state Assembly Speaker Sheldon Silver, Pearson C.E.O. Will Ethridge, Mayor Bloomberg, Council Speaker Christine Quinn and E.D.C. President Seth Pinsky.
Publisher adds to its presence with 330 Hudson St.
By Dan Miller
On Mon., Sept. 19, Mayor Bloomberg announced that Hudson Square would be the beneficiary of 628 new jobs, thanks to Pearson PLC, the world’s largest publisher. The London-based global giant, whose holdings include Pearson Education, Penguin Group and the Financial Times, will occupy eight floors, or 270,000 square feet, of newly renovated space at 330 Hudson St. by the summer of 2014.
In making the announcement, the mayor was joined by Pearson C.E.O. Will Ethridge; state Assembly Speaker Sheldon Silver; City Council Speaker Christine Quinn; city Economic Development Corporation President Seth Pinsky; Peter Davidson, executive director of the Empire State Development Corporation; Alan Leventhal, founder and chairperson of Beacon Capital Partners; Trinity Real Estate President Jason Pizer; and Ellen Baer, president of the Hudson Square Connection business improvement district.
The move will provide jobs through a combination of relocated and new high-paying media and technology positions, with an average salary of $73,000.
“To expand and create jobs, businesses need to have confidence in the future,” the mayor said. “Pearson’s relocation to and expansion at Hudson Square and its long-term investment in New York City is the latest example of the private sector’s confidence in the direction of our city and future growth of our local economy.”
Quinn, whose district includes Hudson Square, said, “We are working continuously to bring more jobs to the city, and this is a testament to that effort.”
Silver, the district’s Assembly representative, said, “Whether you’re a young innovator starting a new business, or an established firm looking to be where the action is, it is clear that Lower Manhattan is the place to be.”
“Today’s announcement is a great win for our city,” said Pinsky. E.D.C. granted Pearson $4.5 million in “business incentive rate” energy savings for the Hudson Square site and nearby spaces.
E.S.D.C. awarded the global giant $9 million in Excelsior Jobs Program tax credits over the next 10 years for relocating to this side of the Hudson, thwarting aggressive attempts by New Jersey to obtain these jobs. The total subsidy package is expected to reach around $50 million.
The announcement came just two weeks after Mayor Bloomberg’s major speech at Cipriani Wall Street, in which he outlined the multitude of projects that signify the rebirth and revitalization of Lower Manhattan since the terrorist attack on the World Trade Center on 9/11.
According to reports, construction over the next three years will expand the building, owned by Trinity Real Estate, from eight to 16 stories, with a total of 440,000 square feet. Beacon Capital Partners will invest $113 in the building’s renovation, and Pearson will contribute $21 million. Beacon will hold a 99-year lease on the property from Trinity.
Taken together with space Penguin currently occupies in 345 and 375 Hudson St., the new space will bring Pearce’s Hudson Square space up to 706,000 square feet.
Previously, a hotel group had sought to develop 330 Hudson St. and add floors on top of the existing building, but bailed out on the plan.