Rudin Lands $385M for Times Square Asset
JPMorgan Chase originated the refinancing package.
Rudin Management has secured a combined $385 million for 3 Times Square, its 950,000-square-foot office tower in Midtown Manhattan, according to CommercialEdge information.
JPMorgan Chase originated the refinancing package that includes a senior loan totaling nearly $108.6 million, an amended and restated note of $194.4 million and an approximately $82.1 million note.
Previous financing dates back to 2022, when Rudin and joint venture partner Thomson Reuters secured a $415 million refinancing agreement originated by several lenders, including JPMorgan Chase, Bank of America and M&T Bank.
READ ALSO: Manhattan Office Market Shows a Promising Start
The 30-story building came online in 2001 and was most recently renovated last year. Rudin developed it as the headquarters of Reuters Group PLC, which became Thomson Reuters later in 2008.
The tenant roster features Reuters America Inc., Chase Bank, Redpoint Cybersecurity Consulting Services and Spectrum Reach. Recent additions include law firm Kilpatrick Townsend & Stockton LLP, which signed a 10-year deal at the tower’s 28th floor.
Three Times Square is close to Bryant Park, Rockefeller Center and Empire State Building. The borough’s Financial District is 4 miles away while John F. Kennedy International Airport is 16 miles from the property.
A revamped high-rise
The property underwent major renovations with a focus on workplace well-being, an endeavor led by architecture firm FXCollaborative. Upgrades include a new and expanded lobby with a sculptural façade screen and a dedicated amenity floor totaling 27,667 square feet. The space includes a café, a coffee bar, customized catering services, a lounge area and a fitness center with private showers and bike storage spaces.
Three Times Square also features MERV-15 air filters, several new meeting and conferencing rooms as well as an event space with a capacity of up to 200 people. The building achieved WELL and WiredScore certifications.
Recent financing deals in Manhattan
The nation’s largest office market is also one of the strongest, having posted the largest sales volumes and prices per square foot in the U.S. as of April, according to a recent CommercialEdge report. Lending also intensified across the borough and many properties have become subject to financing and refinancing deals since the beginning of the year.
More recently, in April, Picchio International obtained a $193.1 million refinancing loan for a 1.2 million-square-foot tower in Manhattan. Wilmington Trust originated the note, replacing an acquisition loan in the same amount issued last year by ING Group.
And in March, London-based Tamares Group obtained a four-year extension on a $505 million loan backed by another Times Square office property. The deal involved 1500 Broadway, a 418,852-square-foot building located steps away from 3 Times Square.
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