NEW YORK CITY—The Rudin Family has closed a $425 million refinancing of 32 Ave. of the Americas, which is considered one of the most historically significant telecom buildings in the city.
JPMorgan served as the lead underwriter and was joined by Deutsche Bank on the new 10-year CMBS loan. The new financing replaces a $360 million loan that was due to mature in April 2017.
Acquired by the Rudins in late 1999 from AT&T, 32 Ave. of the Americas was one of the original office towers that set the tone for Lower Manhattan's live/work environment. Since the acquisition, the family has invested significant capital to renovate, re-engineer and transform the property.
Today, the 1.2 million-square-foot office tower features state-of-the-art infrastructure to support media and communications companies. Current tenants at the building, which is 100% percent occupied, include Dentsu, iHeart Radio, Telx, Verizon Business, CenturyLink, T-Mobile, Coresite, XO Communications, Bartle Bogle Hegarty, NYU and Globo.
The property—which occupies a full block bordered by Sixth Avenue, Walker Street, Church Street and Lipsenard Street—has been designated a New York City landmark. Formerly known as the AT&T Long Lines Building, the first transatlantic telephone call via cable was switched through 32 Ave. 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.
Says Bill Rudin, co-vice chairman and CEO of Rudin Management Co., the operating arm of Rudin Family holdings, “The successful completion of this refinancing is a key indicator of the lending community's confidence in the Rudin Family, Downtown New York and this very unique real estate asset.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
