Rudin Management nabs $100M loan for 80 Pine
Deal consolidates existing loans and provides $63M for upgrades to lure new tenants
Rudin Management has landed a $100 million financing deal for its office tower at 80 Pine Street.
The Bank of America-issued loan package consolidated existing loans and added a new $62.6 million gap mortgage, according to public records.
This additional money will fund the costs of an extensive renovation and repositioning program for the 60-year-old property, according to the family-owned developer.
The 38-story Financial District skyscraper is undergoing a major makeover. A new ground-floor entrance and lobby designed by Fogarty Finger Architecture has already been completed. The next phase includes the construction of an indoor and outdoor amenity center on the 22nd and 23rd floors.
Designed by Emery Roth & Sons, Rudin Management opened the 1.2 million-square-foot tower in 1960. The property has nearly 800,000 square feet of space available, including an office soon to be vacated by American International Group. The finance and insurance company is consolidating its existing spaces in Manhattan and Jersey City into Rockefeller Group’s 1271 Sixth Avenue. Rudin has retained JLL to market the building for lease.
As Manhattan’s office availability rate remains historically high, many landlords are upgrading their offerings to attract new tenants.
In addition to 80 Pine, Rudin Management plans to give its 3 Times Square office tower a $25 million facelift in anticipation of several tenants’ departures. Rudin Management is the majority owner of the 32-story skyscraper, known as the Thomson Reuters building. The company has retained Cushman & Wakefield to market that building to prospective tenants.