Disney enters $650m NYC deal for offices at Hudson Square

Walt Disney Co. has agreed to sell its offices on the Upper West Side of Manhattan and purchase rights to another site, which will become its New York City headquarters.

The company is leasing the property, known as 4 Hudson Square, for 99 years from Trinity Church Wall Street in a deal valued at $650 million.

“The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses,” said Robert Iger, the chairman and CEO of The Walt Disney Co.

Disney, which is in the midst of acquiring 21st Century Fox, plans to build a modern, 1 million-square-foot complex that would house ABC headquarters, WABC News, offices, production facilities and studios, including those for “The View” and “Live With Kelly and Ryan,” on an entire block bounded by Hudson, Varick, Van Dam and Spring streets.

In preparation for the move, Disney plans to close on a separate agreement to sell its two Upper West Side campuses to developer Silverstein Properties for $1.155 billion. Disney is leasing back the eight buildings that comprise its operations from Silverstein for up to five years while it draws up plans for the downtown complex, demolishes the existing buildings at Hudson Square and erects a new home.

The company is working with Hines to develop its headquarters.