The Rudin Family announced the closing of a $425 million refinancing of 32 Avenue of the Americas, one of the most historically significant telecom buildings in the City of New York.
JPMorgan served as the lead underwriter and was joined by Deutsche Bank on the new 10-year CMBS loan. The new financing replaces a $360 million loan that was due to mature in April 2017.
Acquired by the Rudins in late 1999 from AT&T, 32 Avenue of the Americas was one of the original office towers that set the tone for Lower Manhattan’s live/work environment.
Since the acquisition, the family has invested significant capital to renovate, re-engineer and transform the property into one of the top internet buildings in the world.
Today, the 1.2 million-square-foot office tower boasts state-of-the-art infrastructure designed to support the needs of today’s media and communications companies, including two 140 foot radio towers, access to primary and emergency power sources, redundant HVAC systems, fuel storage capacity and access to over 50 telecommunication networks and significant floor loads.
Current tenants at the building, which is 100 precent percent occupied, include Dentsu, iHeart Radio, Telx, Verizon Business, CenturyLink, T-Mobile, Coresite, XO Communications, Bartle Bogle Hegarty, NYU and Globo.
The property, which occupies a full block bordered by Sixth Avenue, Walker Street, Church Street and Lipsenard Street, is a designated New York City historical landmark building.
Formerly known as the AT&T Long Lines Building, the first transatlantic telephone call via cable was switched through 32 Avenue of the Americas in 1956.
It connected Europe with the North American long distance network linking New York with 360 cities in the United States and Canada via wire for the first time in history.
Bill Rudin, Co-Vice Chairman and CEO of Rudin Management Company, the operating arm of Rudin Family holdings commented, “The successful completion of this refinancing is a key indicator of the lending community’s confidence in the Rudin Family, Downtown New York and this very unique real estate asset.”
Rudin Management Company, which serves as leasing and managing agent for 32 Avenue of the Americas, is a full service real estate organization managing the interests of the Rudin Family, which owns and manages one of the largest private property portfolios in New York City.