After five decades of ownership, Rudin Management is selling 110 Wall Street, the 27-story Downtown tower now occupied entirely by the We Company.
The landlord has hired Eastdil Secured to market the property, which according to marketing documents circulated Tuesday has $210 million of contracted cash flow. The asking price of the building is around $160 million, according to sources.
The We Company’s WeWork brand has five floors in the 270,000-square foot building, while its co-living business WeLive has 21 floors. The company signed its lease in 2013 and has 22 years remaining.
Depending on the ultimate price, the building’s sale will provide a clear picture into landlord confidence in owning a property that is leased entirely by the We Company, whose revenue and losses both doubled last year.
In its marketing document, Eastdil Secured touts the We Company’s $6.6 billion financial backing, its potential for an IPO and a “strong letter of credit” valued at almost twice the rent coverage.
In a statement, a Rudin Management spokesperson said that the firm is “constantly exploring and evaluating options for our entire portfolio.” The We Company declined to comment.
The office tower was built in 1964 by Samuel Rudin, who then oversaw the family property empire. Bill Rudin, Samuel’s grandson and now company chairman and CEO, converted the majority of the building into residential space. Over the past five years, the firm has invested $160 million into the property, which was damaged during Hurricane Sandy.
In addition to the We Company, the retail portion at 110 Wall Street is occupied by Momofuku Milk Bar, Westville, Fuku, and the Mail Room.
Eastdil’s Gary Phillips and Steven Binswanger are marketing the building.
Rudin Management doesn’t appear to have sold any other buildings as of late. In 2016, the company brought Allianz on as a partner in the 870,000-square-foot office tower One Battery Park Plaza.
Other landlords have offloaded Financial District buildings in recent months. DSA Property Group sold its 81-unit residential building at 106 Fulton Street for $77.5 million to Thurcon Construction and Development. At the end of last year, the city sold 101 Barclay Street to Bank of New York Mellon for $352 million.