Trinity Real Estate is rethinking its plans to ground lease four valuable Hudson Square buildings in a deal that was poised to net the church up to $1.5 billion. The massive real estate arm of Trinity Church informed bidders last week to “sit tight” while it reconsiders its offering, sources told The Real Deal. Sources said CBRE’s Darcy Stacom will be taking over the marketing of the buildings from colleague Michael Laginestra, who represented Viacom when it leased 400,000 square feet from Trinity at 345 Hudson Street in 2007. “It’s very much up in the air,” said a source who is representing one of the bidders. “I don’t know if they’re going back to the drawing board.”
Read all about it at The Real Deal.