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Bill Rudin: Midtown office conversions are the answer
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Bill Rudin stepping down as CEO
Son and daughter to become co-CEOs; CIO to be first non-family president
A familiar name in New York City real estate is preparing for a changing of the guard.
Developer Bill Rudin is turning the family firm over to two of his children at the start of next year, Bloomberg reported. Samantha Rudin Earls, 39, and Michael Rudin, 38, will each ascend to the role of co-CEO of Rudin Management.
Chief investment officer Neil Gupta will retain that title while also taking on the role of president, the first time a non-family member in the role.
Bill — who is chief executive officer — and president Eric Rudin will continue as co-chairs of the company. In a statement, the CEO referred to the leadership change as “an incredibly proud moment for our family.”
Samantha, set to be the first female CEO of the company, will oversee the apartment business, while Michael will oversee the office portfolio. Gupta’s main responsibilities will be the company’s investment and capital strategies.
Samantha and Michael will be the fourth generation of Rudins to lead the firm, which was founded by Samuel Rudin in 1925. The company counts 600 employees and 14.7 million square feet in its real estate portfolio, including 15 commercial buildings and 17 residential buildings.
The coming leadership is already eyeing opportunities to shake things up. Gupta said there may be opportunities to diversify the company’s portfolio, including outside of New York City. He also brought up a few potential opportunities for office-to-resi conversions, which CEO Bill has emphasized in prescribing a solution for Midtown’s struggling properties.
The company was previously tied to 55 Broad Street, a Financial District property that could become the city’s largest office-to-residential conversion under Silverstein Properties and Metro Loft Management. Rudin sold the property earlier this year, at least three years before construction is set to wrap.
This month, Rudin put 80 Pine Street in the Financial District up for sale, retaining Eastdil Secured to market the property. The 1.2 million-square-foot building recently underwent a $100 million upgrade, but the office property is still less than half full.
— Holden Walter-Warner
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