If Rudin Management wants to toast the progress being made at its Midtown Manhattan office building, its execs can raise a snifter with a pour from its newest tennant.
French spirits conglomerate Remy Cointreau signed a lease for 30,000 square feet at Rudin’s 3 Times Square, Bloomberg reported. The company will occupy the entire 20th floor, including a private outdoor terrace.
The lease duration is 10 years. Financial terms and broker information weren’t disclosed.
Remy Cointreau subleased more than 52,000 square feet from life insurance company AXA Equitable at 1290 Avenue of the Americas in 2013. The liquor manufacturer plans to relocate its headquarters from that property later this year.
This is the second significant lease Rudin has signed at 3 Times Square in a matter of months. In December, accounting advisory firm Anchin, Block & Anchin signed a 10-year lease of its own for 45,000 square feet. The firm plans to make its move in the fall.
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This summer, JPMorgan and a group of lenders provided a $415 million refinancing package for the 30-story property, which Rudin co-owns with Thomson Reuters. The cash went towards a capital improvement project at the 885,000-square-foot property, which is ongoing.
Rudin tapped FXCollaborative — the building’s original architect — to lead the makeover. Renovations include a redesigned lobby, elevator and entry system modernization, the addition of amenities including a fitness center, dining area and conference space, and the creation of a large electronic billboard on the exterior.
The building opened in 2001 as the North American headquarters for Reuters Group. A couple of notable departures in recent years have included the Bank of Montreal and FTI Consulting.
Last year, Touro College signed a 245,000-square-foot lease to move seven of the university’s spaces schools across the bottom nine floors of the building.
The Manhattan office market is coming off a rough quarter, according to a report from Colliers. Office leasing in the borough declined 43 percent year-over-year in the fourth quarter, which saw tenants take only 4.9 million square feet, the lowest quarterly total since 2021’s second quarter.
— Holden Walter-Warner