Rudin Inks 46 KSF at Times Square Tower
Since late 2001, the owner has secured more than 430,000 square feet in leases at the property.
Rudin Management Co. has signed a five-year lease extension with West Publishing Corp. at 3 Times Square, an 885,000-square-foot office tower in Midtown Manhattan. The publishing company is set to take up 46,105 square feet, spanning the entire 17th floor and a section of the 18th floor.
Rudin Senior Vice President Tom Keating brokered the deal in-house on behalf of the landlord. A JLL team comprising Vice Chairman Mitchell Konsker, Executive Managing Director Dan Turkewitz and Senior Vice President Christine Tong represented the tenant in the lease agreement.
Having secured West Publishing’s extension, Rudin has leased a total of 431,373 square feet within the office tower since December 2021. Other recent lease signings include Remy Cointreau, Anchin, Block & Anchin and Touro University. The latter opened its space at 3 Times Square back in March.
A revamped Manhattan office tower
Initially built and inaugurated in 2001 as the headquarters of Reuters Group PLC, the 30-story building is currently in the final phases of redevelopment. In 2020, a joint venture of Rudin and Thomson Reuters hired architect FXCollaborative to undertake a capital improvement program at 3 Times Square.
Upgrades to the property include the addition of a new lobby, a sculptural facade screen, a modern touchless entry system, a fully renovated dispatch elevator system, as well as the creation of a dedicated amenity space on the 16th floor. Upon completion, the amenity space will feature a dining area, coffee bar and conference and events center, along with a fitness center.
The building has achieved WiredScore Platinum for its connectivity and was awarded SmartScore Gold certification for its sustainability standards. As part of its commitment to prioritizing the health and well-being of tenants, the building has also obtained the WELL Health-Safety Rating, along with other initiatives in place.
Active leasing breathes new life into Manhattan’s office market
Last month, Rudin signed two new lease agreements for a total of 22,843 square feet at its boutique office building located at 355 Lexington Ave., in the Grand Central District of Midtown Manhattan.
According to the latest CommercialEdge office report, Manhattan maintained its position as the costliest office market in the U.S., with the average full-service equivalent listing rate at $74.0 per square foot as of April. The vacancy rate in Manhattan stood at 16.8 percent, only 10 basis points above the national average, the same source shows.
In addition, the same report reveals that the borough had a significant volume of office construction in progress, amounting to approximately 9.5 million square feet, or 2.1 percent of total stock.