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Deals & Dealmakers

Rudin Completes Two Long-Term Leases Totaling More Than 36,000 Square Feet at 80 Pine Street in Lower Manhattan

 Rudin, a full-service real estate organization, and one of New York City’s largest private owners, operators and developers of first-class real estate, announced today that it has completed two long-term leases, totaling more than 36,000 square feet at 80 Pine Street, a 1.2-million-square-foot office tower that is in the final stages of a major repositioning.

The Global Alliance for TB Drug Development, Inc. (TB Alliance) signed a 16-year, 21,561 square-foot lease spanning the entire 20th floor of the 38-story Financial District building.  TB Alliance will relocate to the new space in early 2023. The not-for-profit organization is dedicated to the discovery, development and delivery of better, faster-acting and affordable tuberculosis drugs for those who need them.

In addition, Elefterakis, Elefterakis & Panek LLP finalized a long-term agreement to expand by 14,752 square feet across the entire 36th floor of 80 Pine Street, bringing its total presence in the tower to 28,408 square feet.  The personal injury law firm already occupies 13,656 square feet covering the full 38th floor, which was converted early this year from a sublease to a 15-year direct lease.  The lease for both floors runs through 2037.

Earlier in 2022, Rudin announced five new leases and expansions totaling over 100,000 square feet at the property with New York Property Insurance Underwriting Association, AccuWeather, Inc., CureMD, January Digital and The National Urban League. Each of these leases were signed after Rudin commenced a comprehensive capital improvement and amenity program at 80 Pine.

Working with Fogarty Finger Architecture, Rudin has reimagined 80 Pine’s ground floor spaces, which now feature white terrazzo flooring, white oak paneled walls, energy efficient LED lighting and new elevator cabs. Rudin is also nearing completion on an interconnected amenity center located on the 22nd and 23rd floors. This amenity space will feature a café, lounge, conference facility and a 4,600-square-foot outdoor terrace. The renovation program emphasizes occupant health and wellness with such features as touch-free access points and advanced air filtration technology. The entire repositioning program is expected to be completed later this year.

“We are thrilled to welcome TB Alliance, which has chosen 80 Pine to continue its important work.  In addition, it is always gratifying to see a firm like Elefterakis, Elefterakis & Panek, which first came to 80 Pine via a sublease, not only become a direct tenant, but also grow with us over the long-term,” said Michael Rudin, Executive Vice President at Rudin. “Each of these seven recent leases speaks to the strength of our ongoing capital improvement and amenity program as well as to Lower Manhattan’s continued appeal to a wide range of successful companies across a diverse spectrum of industries.”

The TB Alliance was represented by Savills Vice Chairman Marc Shapses.  Elefterakis, Elefterakis & Panek LLP was represented by Thomas Cordasco of Thomas Cordasco Company.

Rudin was represented in the transactions in-house by Kevin Daly. Rudin was also represented on the TB Alliance transaction by a JLL team of Frank Doyle, Alexander Chudnoff, John Wheeler, Kyle Young and Eliza Gordon.

Designed by Emery Roth & Sons and constructed by the Rudin family in 1960, 80 Pine occupies a full block between Pearl and Water Streets, just steps from the Seaport District along the East River waterfront.  Its tower floors offer 360-degree views of the East River bridges, Brooklyn, Governors Island and New York Harbor.

The neighborhood features a wide variety of shops and restaurants, and a new concert venue at Pier 17. The building, which features an onsite bike valet and parking garage, is in close proximity to the 2, 3, 4, 5, J and Z subway lines, the Staten Island Ferry and the NYC Ferry.

80 Pine has received WiredScore Platinum certification in recognition of its best-in-class connectivity and was also recently awarded SmartScore Gold certification, identifying it as a leading smart building, defined by an exceptional user experience and high standards of sustainability. The building also features Nantum OS, the world’s most advanced building operating system. Nantum OS is the flagship product of Prescriptive Data, a privately held smart building automation company focused on using artificial intelligence to improve efficiency, decrease carbon emissions and optimize tenant comfort.

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