Rudin taps Cushman to market 3 Times Square, plans makeover

Entire 885,000-square-foot tower to become available

New York /
Apr.April 05, 2021 11:06 AM
Rudin Management CEO Bill Rudin and 3 Times Square (Getty, FXCollaborative)

Rudin Management CEO Bill Rudin and 3 Times Square (Getty, FXCollaborative)

In anticipation of several tenants’ departure, Rudin Management will give 3 Times Square a $25 million makeover and has retained Cushman and Wakefield to market it to tenants.

Prospective tenants will have the opportunity to lease the entire 885,000-square-foot building, with floor plates ranging from 28,000 to 35,000 square feet, according to the Rudin family, which owns a majority stake in the 30-story office tower.

The renovation project was prompted by the impending departure of major tenants, including Bank of Montreal and FTI Consulting, in the next 12 months, according to the New York Post, which first reported the news.

The makeover will include a glass-walled, triple-height lobby. Rudin tapped FXCollaborative, an architectural firm that designed the 20-year-old building, to reimagine the tower.

“The redevelopment of 3 Times Square is a clear commitment to the future of our city,” said Michael Rudin, senior vice president of Rudin Management, the operating arm of Rudin Family Holdings.

But Rudin is facing one of the toughest office leasing markets in history. Manhattan’s office availability rate hit a record-high 16.1 percent in the first quarter, according to Colliers International.

The tower was built in 2001 as the North American headquarters of Reuters Group, which in 2007 merged with Canadian news and information firm Thomson.

Thomson Reuters holds a stake in the building but has been considering selling it. It was unclear how much space Thomson Reuters now occupies in the property. The media company did not return messages seeking comment.





    Related Articles

    arrow_forward_ios
    Nate Paul of World Class Holdings (Facebook/GreatValueStorage, iStock)
    Great Value Storage files for bankruptcy to stop foreclosure
    Great Value Storage files for bankruptcy to stop foreclosure
    JPMorgan CEO Jamie Dimon and 270 Park Avenue (Getty, Google Maps)
    JPMorgan Chase will embrace “flexible” design for 270 Park HQ
    JPMorgan Chase will embrace “flexible” design for 270 Park HQ
    Though some companies have received fat PPP payouts, real estate received just 4.6% of the loans distributed in New York. (iStock)
    Real estate receives just 5% of New York’s PPP loans
    Real estate receives just 5% of New York’s PPP loans
    1135 Lexington Avenue and Nir Meir (Google Maps, iStock)
    Judge rules against Nir Meir in HFZ’s $19M default case
    Judge rules against Nir Meir in HFZ’s $19M default case
    Eric Adams (Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
    Brooklyn developers, lobbyists poured money into Eric Adams nonprofit
    Brooklyn developers, lobbyists poured money into Eric Adams nonprofit
    The Assemblage occupies the top 13 floors of the building. (Prodigy, Assemblage)
    Prodigy-backed co-working facility facing foreclosure
    Prodigy-backed co-working facility facing foreclosure
    TIG founding principal Elliott Ingerman and the Textile Building at 295 Fifth Avenue (LinkedIn, Google Maps)
    Fifth Avenue’s Textile Building to get $350M makeover
    Fifth Avenue’s Textile Building to get $350M makeover
    (Tropicana Las  Vegas via Facebook, Bally's Corp)
    Bally’s buys Las Vegas’ Tropicana casino for $150M
    Bally’s buys Las Vegas’ Tropicana casino for $150M
    arrow_forward_ios

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

    Loading...