Rudin Management’s 110 Wall, home to WeLive, comes to market

The landlord has hired Eastdil Secured to market the property with a roughly $160M asking price

TRD New York /
May.May 07, 2019 02:00 PM
Rudin Management's Bill Rudin and Michael Rudin with 110 Wall Street (Credit: Getty Images and Google Maps)

Rudin Management’s Bill Rudin and Michael Rudin with 110 Wall Street (Credit: Getty Images and Google Maps)

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.


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
The financing deal comes after AMC theaters have been shuttered for months due to the coronavirus pandemic. (iStock)

AMC nears deal to avoid bankruptcy

AMC nears deal to avoid bankruptcy
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...