The Walt Disney Co. plans to move its New York City operations to a new building it will develop downtown at 4 Hudson Square.
Disney got the rights to develop the site for 99 years from Trinity Church Wall Street in a transaction the company valued at $650 million.
Separately Disney sold its current New York City offices on Manhattan’s Upper West Side to Silverstein Properties for $1.55 billion. Disney will lease those facilities for up to five years while 4 Hudson Square is being built.
The deal comes as Disney is in the midst of trying to complete its $71 billion acquisition of assets from 21st Century Fox.
“Today we’re announcing plans to build an incredible new state-of-the-art facility at 4 Hudson Square in downtown Manhattan that will ensure our employees have everything they need to do their best work and lead the way forward,” said Disney CEO Bob Iger.
“In addition to being LEED-certified for environmental responsibility and efficiency, the new building will also incorporate the latest technology as well as the ability to adapt to the next generation of technological advances,” said Iger. “This move represents an historic step forward toward our long-term vision for our New York operations. The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses. We are pleased and proud to be joining this exciting community and look forward to investing in the growth and development of the neighborhood.”
The new facility will have office and production space and be the home for WABC-TV, ABC News, Live With Kelly and Ryan and The View, which had been on the Upper West Side.
Disney Streaming Services will relocate to the new downtown space from Chelsea Market.
Good Morning America will continue to broadcast from its Times Square Studio.
Disney’s ESPN recently opened a new production facility near the South Street Seaport.
The 4 Hudson Square site covers a full block. The parcel was granted to the church by Queen Anne in 1705.
“We are excited to welcome Disney to the vibrant and growing Hudson Square area,” said the Rev. Dr. William Lupfer, rector of Trinity Church Wall Street. “This is a significant development in Trinity’s centuries-long commitment to this neighborhood and to the area’s continuing growth and transformation. We’re especially pleased that the transaction will help further Trinity’s mission to serve the people of New York City and around the world through our programs and ministries.”