NEW YORK CITY-Call it a family affair: Rudin Management Co. has taken full ownership at One Battery Park Plaza, buying out Rose Associates’ 50% stake in the 35-story, 885,000-square-foot downtown office building in Lower Manhattan. While the price of the deal was undisclosed, the New York Post reports that the Rudin family paid $80 million for the remaining half of the tower.
Bill Rudin, co-vice chairman and CEO of Rudin Management Co., the operating arm of the Rudin Family holdings, tells GlobeSt.com that the deal was based on a change in the Rose’s company strategy. “They are focusing more on residential,” he says. “They approached us over the summer and they wanted to sell their half, and we traditionally don’t have partners. But this is a very unique relationship, and we feel very confident that this is a great asset. We think owning a building that we have built, managed and leased would be a good investment for the family.”
The history between the Rudin and Rose families goes back to 1962, when family patriarchs Samuel Rudin and David Rose began assembling the land for the building’s construction, which was known at the time as 24 State Street. The families jointly built the tower in 1970.
The property also has personal meaning, Rudin says. “My family’s roots are directly connected to Battery Park and Castle Clinton where my great grandfather emigrated from Russia in the late 1800s,” he says. “We have a lot of historic connection to this property and Downtown.”
Major tenants in the building include Hughes Hubbard & Reed LLP, Seward & Kissel, Liberty Mutual Insurance Co., the Partnership for New York City Inc, and Mound, Cotton, Wollan & Greengrass. Rudin says the deal also symbolizes the revitalization of Lower Manhattan’s tenant base post-9/11.
"We have a very strong interest in Downtown’s revitalization," he says. “We also thought this was symbolic and emblematic of our commitment to Downtown."
The family also owns other Downtown buildings such as 80 Pine St., 55 Broad St., One Whitehall St., 110 Wall St. and 32 Avenue of the Americas.
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