The Rudin Family has finalized two leasing transactions totaling 72,000 s/f at 32 Avenue of the Americas, one of the most historically significant telecom buildings in the City of New York.
Cedar, a Manhattan-based healthcare financial technology platform, has signed a new five-year, 66,753 s/f lease encompassing the entire 18th floor and a portion of the 17th floor, nearly quadrupling its presence in New York City.
Cedar expects to relocate from its current 17,000 s/f space at 95 Morton Street to 32 Avenue of the Americas in the fourth quarter of 2021. This move also follows significant strategic growth for the firm, including its $200 million Series D funding and acquisition of OODA Health.
Rudin also signed a 5,148 s/f lease expansion with private investment firm Dorilton Capital on the 27th floor. A tenant since 2017, the firm specializes in investing in middle-market companies. With the new lease, Dorilton Capital will now occupy 38,648 s/f comprising the entire 26th floor and portions of the 17th and 27th floors.
“32 Avenue of the Americas continues to appeal to innovative, forward-thinking companies looking ahead to the future of business,” said Michael Rudin, Executive Vice President of Rudin Management Company, the operating arm of Rudin Family holdings.
“Cedar’s arrival and Dorilton Capital’s expansion can be attributed to the strength of the New York City business community, the quality of the building, and our reputation as long-term owners who are committed to our tenant’s needs and the surrounding Tribeca neighborhood.”
“We are thrilled to be moving our New York City headquarters to 32 Avenue of the Americas with Rudin,” said Florian Otto, CEO and co-founder of Cedar. “In addition to expanding our footprint earlier this year to San Francisco and Salt Lake City after our acquisition of OODA Health, this move is reflective of our significant strategic growth that will allow us to accommodate our growing headcount and accelerate investment in new technologies and products.”
Robert Steinman, Senior Vice President at Rudin Management Company, represented building ownership in both transactions, while Mitti Liebersohn and Evan Foley of Avison Young represented Cedar in the transaction. Dorilton Capital had no outside tenant representation.
Acquired by the Rudins in late 1999 from AT&T, 32 Avenue of the Americas is renowned as a hub for TAMI tenants. 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.
The 27-story, 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, access to over 50 telecommunication networks and significant floor load capacity.
The building is WiredScore Platinum and utilizes the Nantum operating system, a smart building platform developed by Rudin’s start-up technology company, Prescriptive Data, to save money, make tenants more comfortable, and dramatically increase energy efficiency.
Current tenants at 32 Avenue of the Americas include Dentsu, iHeart Media, Digital Realty, Verizon, Industrious, Lumen, Coresite, NYU and Globo.