NEW YORK CITY– The Rudin family with their partner investment advisor and asset manager Allianz Real Estate of America has two new tenants at One Battery Park Plaza. They will occupy a total of 24,530 square feet at the 870,000 square-foot office tower in Lower Manhattan. The asking rents are $55 per square foot.
The New York City Fire Pension Fund signed a 15-year, 20,679 square-foot lease to occupy part of the ninth floor. The organization, which is currently located at the FDNY headquarters at 9 MetroTech Center in downtown Brooklyn, plans to move to the 35-story skyscraper in fall 2018.
Genomeweb, a publication which covers genetics news, science and technology, is also relocating to the building. The independent online news organization agreed to a five-year, 3,851 square-foot lease for a portion of the eighth floor. Currently at 40 Fulton St., it expects to move into the building later this year.
“Bringing two important organizations like the New York City Fire Pension Fund and the growing online media company, Genomeweb LLC, to One Battery Park Plaza is a positive for our building and a win for Lower Manhattan,” said Michael Rudin, SVP of Rudin Management Company, the operating arm of Rudin Family holdings. “These commitments are a reflection of the entire downtown market today, which is being driven by strong leasing activity by TAMI tenants and the financial services sector.”
After conducting a one-year search, the pension fund selected the property finding it best fit its needs, according to Stephen J. Cassidy, the fund's executive director.
Genomeweb and the pension fund will join architecture firm CetraRuddy, which signed a 22,894 square-foot lease for a portion of the eighth floor last year. Global Impact Investing Network moved to a 9,200 square-foot space on the second floor. Other major tenants include Hughes Hubbard & Reed, Seward & Kissel, Meridian Capital, Partnership for New York City and Liberty Mutual Insurance Company.
Cushman & Wakefield's Charles Borrok, Troy Elias and Frank Freda represented the New York City Fire Pension Fund. Robert Wizenberg of CBRE represented Genomeweb. Tom Keating and Kevin Daly of Rudin Management Company represented the owners in both transactions.
These latest transactions bring the building to 97% occupied. Daly notes a 9,500 square-foot pre-built unit on the second floor and a 6,066 square-foot unit on the 9th floor are still available.
In 1970, the Rudin and Rose families constructed One Battery Park Plaza, which has the alternate address of 24 State St. In 2012, the Rudin Family acquired the Rose family's 50% stake in the property for $80 million. It retained 100% ownership until forming a joint venture with Allianz Real Estate for $110 million, according to Real Capital Analytics.
In addition to One Battery Park Plaza, the Rudin family's portfolio of downtown properties includes 80 Pine St., 55 Broad St., One Whitehall St., 110 Wall St. and 32 Avenue of the Americas.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
