Rudin Completes 170 KSF Lease Extension in Manhattan
The tenant's history at the tower spans 15 years.
Law firm Seward & Kissel has signed a 170,112-square-foot lease extension at One Battery Park Plaza in Lower Manhattan’s Financial District.
The law firm has been a tenant at the property since 2011. This extension spans the 19th through 24th floors. Seward & Kissel, which also maintains an office in Washington, D.C., focuses on corporate and litigation matters that shape how financial services businesses operate, raise capital and manage risk.
One Battery Park Plaza is a 35-story, 800,000-square-foot office tower that is currently 99 percent leased. Completed by the Rudin in 1971, One Battery features a renovated Italian marble lobby. Its location at 24 Whitehall St. is adjacent to The Battery, a 25-acre public park.
Kevin Daly, vice president of office leasing, and Craig Panzirer, senior vice president, head of office leasing, represented Rudin in-house. Seward & Kissel was represented by Vice Chairmen Lewis Miller and Andrew Sussman, and Senior VPs Cara Chayet and Scott Sloves of CBRE.
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With this transaction, Rudin has secured about 260,000 square feet of leasing this year at One Battery. Other new leases this year include Industrious, architecture firm Woods Bagot and the New York City Independent Budget Office, as well as a renewal with Radancy.
Rudin advances another Manhattan project
In August, Vornado Realty Trust and Rudin Management Co. announced a joint venture with Citadel Enterprise Americas’ Founder and CEO Kenneth Griffin under which they will develop a 62-story, 1.9 million-square-foot office tower at 350 Park Ave. in Manhattan’s Plaza District.
Vornado contributed $500 million in land value to the joint venture. The project is estimated to reach a total value of $6.2 billion and has already secured a $3.3 billion construction loan from an undisclosed lender, as well as Citadel Enterprise Americas as anchor tenant under a 15-year lease for about 1.05 million square feet.
Office availability in Manhattan has fallen to a six-year low, at 13.7 percent, according to a third-quarter report from CBRE. Year-to-date leasing has totaled nearly 22 million square feet, and net absorption over the same period was 7.75 million square feet.
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