The Walt Disney Co. has purchased the rights to develop Trinity Church Wall Street’s property at 4 Hudson Square in New York City. The property will be the new base of Disney’s New York operations.

Under a transaction valued at $650 million, Disney will acquire the rights to develop the 4 Hudson Square site for 99 years.

“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 Robert A. Iger, chairman and CEO of Disney.

“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.”

“We are excited to welcome Disney to the vibrant and growing Hudson Square area,” said the Rev. William Lupfer, rector of Trinity Church Wall Street. “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.”

The new building planned for 4 Hudson Square will include offices and production spaces, including flagship homes for WABC-TV; ABC News; Live with Kelly and Ryan and The View.

The 4 Hudson Square site, which covers a full city block bordered by Hudson, Varick, Van Dam, and Spring streets, is at the core of the Hudson Square neighborhood, an 18-block area bounded by Greenwich Street, West Houston Street, Varick Street, Sixth Avenue, and Canal Street.

The property is part of Trinity’s real estate portfolio, which dates to a land grant given by Queen Anne to the church in 1705.

Adapted from a joint announcement