32 Ave. of the Americas lobby, ceiling mosaic by Hildreth Melière/Photo: Rudin Management Co.
NEW YORK CITY—Dorilton Capital Management has added 26,000 square feet to the 7,500 square-foot space it has leased at 32 Avenue of the Americas since late 2017. Keeping its space on the 17th floor, the private investment firm expanded to the entire 26th floor. Signing a 10-year deal with the Rudin Management Company, Dorilton is leasing a total of 33,550 square feet at the 27-story, Art Deco tower known as the AT&T Long Distance Building. Asking rents were $89 per square foot.
Dorilton, a family equity office, provides long-term capital to lower middle market companies across several industries.
“Given Dorilton's increasing headcount and need for more office space, our building at 32 Avenue of the Americas was able to provide the firm with the additional room that they needed to keep their business growing right here in Lower Manhattan,” says Michael Rudin, SVP of Rudin Management Company, the operating arm of Rudin Family Holdings. “2018 was a record year for leasing activity in the city, and we believe that this transaction is a key example of the momentum that is continuing in 2019.”
Originally constructed in 1932, the 1.2 million square-foot landmark building that spans a full street block was a major AT&T telephone hub.
32 Ave. of the Americas is a designated New York City historical landmark building.
In 1999, the Rudins bought the property from AT&T. The Rudin Family has heavily invested capital to transform and maintain it as a leading internet building. The firm updated the property with state-of-the-art infrastructure designed for modern media and communications companies. This includes 40-foot radio towers, access to primary and emergency power sources, backup HVAC systems, fuel storage capacity, access to over 50 telecommunication networks and significant floor load capacity.
The property is also well known for its decorative lobby. Art Deco artist Hildreth Melière's colorful mosaic graces the ceiling. The building tenants include Dentsu, iHeart Media, Digital Realty, Verizon, CenturyLink, Coresite, Bartle Bogle Hegarty, NYU and Globo.
In the recent transaction, Dorilton was represented by Gordon Ogden of Byrnam Wood. Robert Steinman at the Rudin Management Company represented building ownership. He states only 18,000 square feet on the 12th floor remains available for lease.
The real estate firm additionally notes 32 Avenue of the Americas was one of the earlier properties in Tribeca that helped foster the live/work concept in Lower Manhattan.
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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.
