The Rudin Family announced the closing of a $100 million refinancing of 80 Pine Street, a 1.2-million-square-foot office tower that occupies the full block between Pearl and Water Streets in Lower Manhattan.
Bank of America served as the lender on the new loan.
Constructed by the Rudin family in 1960, 80 Pine is situated steps from the Seaport District along the East River waterfront.
The proceeds from the new loan will be used to refinance 80 Pine Street’s existing debt and fund the costs of an extensive capital expenditure program and repositioning of the 38-story tower.
Rudin commenced a comprehensive capital program to reimagine and modernize 80 Pine last year. The renovation of the ground floor entrances and lobby, designed by Fogarty Finger Architecture, was completed earlier this year. The next phase of the capital program includes construction of a dedicated interconnected indoor and outdoor amenity center on the 22nd and 23rd floors.
The renovation program also emphasizes occupant health and wellness measures, including touch-free access points and advanced air filtration technology.
“We are extremely excited to reimagine and modernize 80 Pine Street,” said Neil Gupta, Rudin’s Chief Investment Officer and Executive Vice President. “This refinancing package by Bank of America is a testament to New York City and Downtown’s enduring allure as well as a validation of our continued stewardship of this asset.”
The renovation project is being done in concert with Rudin’s recently launched leasing and marketing campaign. Rudin has retained a team from JLL, led by Frank Doyle, Alexander Chudnoff, Peter Riguardi, John Wheeler, Eliza Akers and Kyle Young, to assist in its effort to identify, market and lease the building which has 800,000 s/f of vacant space following a series of lease expirations.
Contiguous floorplates of up to 60,000 s/f each, with a total of 800,000 s/f available, offers large tenants the opportunity to brand and outfit an entire headquarters space and private terraces are available on select floors.
80 Pine has received WiredScore Platinum certification in recognition of its connectivity and features Nantum OS building operating system which automatically adjusts building management systems based on real-time occupancy and building data.
Tenants of 80 Pine will also have access to Nantum’s mobile tenant app, allowing each tenant to receive building notifications, access the building via their mobile device, view elevator wait times, and more.