Rudin Management Seals $38M Refi for 80 Pine Street in Lower Manhattan
Rudin Management has inked a $38 million refinance for 80 Pine Street, a 38-story property located in the heart of Lower Manhattan’s Financial District, according to property records filed with the city.
PGIM Real Estate provided the loan for the deal.
Rudin built the 1.08 million-square-foot asset in 1960 and has remained its owner ever since, according to CoStar (CSGP) Group data. The landlord recently began a renovation project hiring a JLL (JLL) team led by Frank Doyle, Alexander Chudnoff, Peter Riguardi, John Wheeler, Eliza Akers and Kyle Young to market and lease the asset.
The planned renovations will involve contiguous floor plates of up to 60,000 square feet each, with a total of 800,000 square feet available throughout the tower that will enable large tenants a chance to outfit an entire headquarter space. Private terraces will be available on select office floors, along with dedicated indoor and outdoor amenities on the 22nd and 23rd floors.
According to a JLL release, Rudin’s capital improvement program is also focused on the health and wellness of the property’s tenants and visitors.
“At Rudin, we are proud to continue our focus on innovation and creating spaces that are environmentally sustainable and technologically advanced,” Tom Keating, a senior vice president and director of commercial leasing at Rudin Management Company, said in the announcement. “Our work at 80 Pine Street is a perfect example of how we are proactively taking steps to ensure the health and wellness of our employees, tenants, and visitors.”
Anchor tenants at 80 Pine Street include the Port Authority of New York and New Jersey, AIG Global Asset Management Holdings Corp., Freehill Hogan & Mahar, Jaros Baum & Bolles, and the National Urban League. The Port Authority’s current lease, which began in May 2017, is set to expire in December.
Officials at PGIM weren’t immediately available for comment. Rudin officials declined to comment.