The Rudin family has bought out the Rose family’s 50 percent stake in One Battery Park Plaza for $80 million and taken complete control of the downtown office tower, the New York Post reported.
The transaction illustrates the diverging directions of the two families and their firms, Rose Associates and Rudin Management. While Rudin has worked to solidify its stake in the office market downtown, where the firm owns about 3 million square feet, Rose Associates has focused on residential properties.
The families had been partners in the development of the site, along State Street between Whitehall and Bridge streets, since 1962 when they first began assembling the parcels on which the 885,645-square-foot office tower was built in 1970. Today, the space is 99 percent leased with the remaining space asking about $42 per square foot of rent, the Post said. [Post, 1st item]