Rudin Could Get $200M For Its Half-Empty 1.2M SF Financial District Skyscraper
Rudin is selling its 1.2M SF office tower that occupies a full block in Manhattan’s Financial District.
The 80 Pine St. property was renovated during the pandemic to the tune of $100M. But leasing is lagging in the 40-story property in spite of upgrades, and 700K SF is available for lease, a spokesperson for Rudin confirmed to Bisnow.
The FiDi office tower is being marketed and could receive bids of around $200M, or $167 per SF, according to Green Street's Real Estate Alert.
The Rudin property was previously anchored by insurance giant AIG, which left a hole with its plans to depart from 800K SF at the property in late 2021, the New York Post previously reported.
By the end of the year, 80 Pine St. was nearly two-thirds empty and was one of the Manhattan office towers with the most space to fill.
In February this year, national suicide prevention hotline Vibrant Emotional Health signed a 60K SF lease with asking rents in the mid-$50 range, the New York Post reported at the time.
Other existing tenants on the property’s roster include the National Urban League and the New York Property Insurance Underwriting Association. Leases for existing tenants are expected to last for the next 12 years, amounting to around $200M in rent for a new owner.
Eastdil Secured is marketing the property, which was built in 1960, to investors on behalf of Rudin, positioning the property as capable of capturing higher rents following the renovation. Upgrades introduced include touch-free access points and an amenity center with a conference facility, a dining hall and a terrace.
"As a longtime owner, manager and developer, we are constantly exploring and evaluating options for our entire portfolio, which currently encompasses 32 commercial and multifamily buildings throughout New York City," a Rudin spokesperson told Bisnow in an emailed statement. "We are pleased by the market’s tremendous interest in 80 Pine."
