Rudin Sells Nearly Half of Downtown Office Property

The sale of a minority stake at One Battery Park Plaza values the 870,000-square-foot building at $365 million.

NEW YORK CITY—The Rudin Family has sold a partnership stake in One Battery Park Plaza, its class A, 35-story office tower in Lower Manhattan, to investment advisor and asset manager Allianz Real Estate of America. A Rudin spokesperson declined to comment on financial terms of the deal but GlobeSt.com has confirmed that the developer sold a 49% stake to Allianz in a deal that values the 870,000-square-foot property at $365 million. Under the terms of the agreement, Rudin will retain a majority ownership interest in the building and will continue to serve as the asset and property manager. “We are excited to welcome Allianz Real Estate to One Battery Park Plaza, an iconic Lower Manhattan tower that has been in the Rudin portfolio for more than four decades,” says Bill Rudin, co-vice chairman and CEO of Rudin Management Co., the operating arm of the Rudin Family holdings. “The Rudin family is committed to long-term ownership and value creation at our properties, and we believe that Allianz Real Estate is the perfect partner for the long-term.” “Allianz is pleased to have been extended the opportunity to partner with the Rudin family, one of the most prominent New York real estate owners,” adds Christoph Donner, CEO of Allianz Real Estate in New York. “As partners in a very significant building in Lower Manhattan, we share a broad and deep level of expertise in identifying attractive investments with enormous potential over the long-term horizon.” One Battery Park Plaza was constructed in 1970 by the Rudin and Rose families. In 2012, the Rudins acquired the Rose family’s 50% stake in the property and retained 100% ownership until the Allianz transaction. Situated between the Battery and Whitehall Street, One Battery Park Plaza’s major tenants include Hughes Hubbard and Reed, Seward & Kissel, Partnership for New York City, Liberty Mutual Insurance Company and Meridian Capital. The property features views of the New York Harbor, broadband connectivity and a 24/7 attended lobby.