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Deals & Dealmakers

Major redesign underway at 560 Lexington

Continuing to advance its program to modernize and upgrade its real estate portfolio, the Rudin Family is ringing in the New Year by commencing construction of the redesigned lobby and public areas of its distinctive 22-story office building at 560 Lexington Avenue.

Opened in 1981, one of the first, new commercial developments to be constructed after the fiscal crisis of the mid-1970s, the 400,000 s/f property is long regarded as a premier property in the Midtown East office market.

Rendering of 560 Lexington

The Rudins have commissioned architectural firm Skidmore Owings and Merrill (SOM) to modernize and transform the pedestrian space, lobby, elevators, retail storefronts and subway entrance.

Construction has just commenced and is projected to end in the fall of 2014.

“After 33 years, we’re excited to be reimagining and enhancing 560’s public spaces for our tenants and the community,” stated Bill and Eric Rudin, co-vice chairmen of Rudin Management Company, the operating arm of the Rudin Family holdings.

“We are thrilled with SOM’s transformational and sophisticated design. 560 Lexington was built by our fathers, Jack and Lewis, to blend with landmarked St. Bartholomew’s Church and 570 Lexington, just as the city was emerging from the fiscal crisis of the mid-1970’s. This project helped promote drive the resurgence of development in New York at that time and now the next generations of our family is reaffirming our commitment to New York by reinvesting in our properties.”

According to Thomas M. Keating, senior vice president of commercial leasing at Rudin Management Co., 70,168 s/f of space will be available for lease at the building. The property is currently 95% leased, occupied by Bayern LB, Verizon Business Services, Merrill Lynch, Mitsui Sumitomo Marine Management, Carlton Advisory Services Inc. and Susman Godfrey LLP, in addition to the Cardinal Cook Branch of the New York Public Library. Retail tenants include Godvia Chocolatier and Starbucks Coffee.

“With its exceptional access to transit and outstanding central location, this modernization will help enhance the attractiveness of 560 Lexington,” Keating said.

“We are proud to be collaborating with the Rudins and their development team, who have demonstrated their commitment to enhancing the built environment of New York, on this exciting project,” said T.J. Gottesdiener, of Skidmore, Owings and Merrill.

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