The Rudin family secured a major financing deal for its renovation of 3 Times Square.
A group of lenders led by JPMorgan provided the $415 million refinancing, which Rudin Management will use to continue renovating the 30-story, 885,000-square-foot Midtown office tower, which it co-owns with Thomson Reuters. The New York Post was first to report the deal.
Bank of America and M&T Bank also took positions in the three-year, floating-rate loan, which comes with options for two one-year extensions.
Rudin said it would use the cash to redesign the tower’s lobby, modernize the structure’s elevator and entry systems, build new amenities including a fitness center, dining area and conference space and erect a large electronic billboard on the tower’s exterior. Funding will also go toward leasing efforts, the firm said.
In 2020, Rudin tapped FXCollaborative, the architecture firm that originally designed the building two decades ago, for a $25 million makeover.
Plans for the renovations emerged last year as Rudin prepared for the departure of tenants including Bank of Montreal and FTI Consulting, leaving the building mostly unoccupied. The firm tapped Cushman & Wakefield to market the revamped tower’s office space. Thomson Reuters was reportedly soliciting interest in its 50 percent stake in the property in late 2020.
Earlier this year, Rudin signed Touro College to a 245,000-square-foot lease. Seven of the university’s schools will occupy the building’s third through ninth floors, as well as parts of the ground and second floors. The university’s students, faculty and staff will have their own entrance and lobby.
The tower originally opened in 2001 as the North American headquarters for Reuters Group.
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