Rudin Management has secured a $ 100 million financing deal for the construction of its 80 Pine Street office building.
According to public records, the loan package issued by Bank of America consolidated existing loans and added new mortgages with a $ 62.6 million gap.
The extra money will go towards the costs of an extensive renovation program and redevelopment of the 60-year-old property, according to the family developer.
The 38-storey skyscraper of the Financial District is undergoing a major overhaul. The new ground floor entrance and lobby, designed by Fogarty Finger Architecture, are now complete. The next stage is the construction of an indoor and outdoor service center on the 22nd and 23rd floors.
Designed by Emery Roth & Sons, Rudin Management opened the 1.2 million square feet tower in 1960. The property has nearly 800,000 square feet of available space, including an office soon to be vacated. American International Group… The financial and insurance company is consolidating its existing Manhattan and Jersey City locations into the Rockefeller Group offices. 1271 Sixth Avenue… Rudin hired JLL to sell the building.
As an indicator of office availability in Manhattan remains historically high, many landlords are updating their offerings to attract new tenants.
In addition to 80 Pine, Rudin Management plans to provide its 3 Times Square The office tower was renovated for $ 25 million, pending the departure of several tenants. Rudin Management is the primary owner of the 32-story skyscraper known as the Thomson Reuters building. The company hired Cushman & Wakefield to sell the building.