The Rudin Family has closed a $100 million refinancing of 80 Pine St., a 1.2-million-square-foot office tower that occupies the full block between Pearl and Water Streets in Lower Manhattan. Bank of America served as the lender on the new loan.
Constructed by the Rudin family in 1960, 80 Pine is situated near the Seaport District along the East River waterfront. The proceeds from the new loan will be used to refinance 80 Pine Street’s existing debt and fund the costs of an extensive capital expenditure program and repositioning of the 38-story tower.
Rudin began a reimagining and modernization of 80 Pine last year. The renovation of the ground floor entrances and lobby, designed by Fogarty Finger Architecture, was completed earlier this year. The new lobby features white terrazzo flooring, white oak paneled walls, energy-efficient LED lighting and new elevator cabs. The next phase of the capital program includes construction of a dedicated interconnected indoor and outdoor amenity center on the 22nd and 23rd floors. The renovation program also emphasizes occupant health and wellness measures, including touch-free access points and advanced air filtration technology.
“We are extremely excited to reimagine and modernize 80 Pine Street,” said Neil Gupta, Rudin’s chief investment officer and executive vice president. “This refinancing package by Bank of America is a testament to New York City and Downtown’s enduring allure as well as a validation of our continued stewardship of this asset.”
The renovation project is being done in concert with Rudin’s recently launched leasing and marketing campaign. Rudin has retained a team from Jones Lang LaSalle, led by Frank Doyle, Alexander Chudnoff, Peter Riguardi, John Wheeler, Eliza Akers and Kyle Young, to assist in its effort to identify, market and lease the building to prospective tenants.