Vornado, HPP, Blackstone, NYC form PPP venture
Transactions - AUGUST 30, 2023

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Vornado, HPP, Blackstone, NYC form PPP venture

by Andrea Zander

Vornado Realty Trust, Hudson Pacific Properties (HPP), Blackstone, the City of New York and New York City Economic Development Corporation (NYCEDC) have entered into Manhattan’s first public-private partnership venture to build a purpose-built studio campus at Pier 94.

Vornado, who contributed its long-term leasehold for Pier 94 to the venture, will own 49.9 percent, Hudson Pacific will own 25.6 percent and Blackstone’s institutional Core+ Real Estate strategy will own 24.5 percent. Vornado will be responsible for development, and Hudson Pacific will provide design oversight and manage the facility’s leasing and operations.

Sunset Pier 94 Studios will be a first-of-its-kind space, home to both state-of-the-art film and production technology that will make New York City even more competitive with other comparable markets, as well as impressive amenities for all New Yorkers, including new publi

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