{"id":1004703947,"date":"2024-02-28T06:21:30","date_gmt":"2024-02-28T14:21:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004703947"},"modified":"2024-02-28T06:21:33","modified_gmt":"2024-02-28T14:21:33","slug":"rudin-secures-full-floor-lease-in-times-square","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rudin-secures-full-floor-lease-in-times-square\/","title":{"rendered":"Rudin Secures Full-Floor Lease in Times Square"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0b3ff0eaa19&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img decoding=\"async\" data-attachment-id=\"1004703959\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rudin-secures-full-floor-lease-in-times-square\/3times-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/3times-square-e1709112792866.jpg\" data-orig-size=\"1148,1651\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"3times square\" data-image-description=\"&lt;p&gt;The office tower at 3 Times Square in Manhattan.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 30-story tower is going through a $25 million renovation plan, which includes a full lobby upgrade, a new fitness center and an amenity floor. Image courtesy of Rudin&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/3times-square-e1709112792866.jpg?w=712\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/3times-square.jpg\" alt=\"The office tower at 3 Times Square in Manhattan.\" class=\"wp-image-1004703959\" style=\"width:auto;height:400px\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 30-story tower is going through a renovation plan, which includes a full lobby upgrade, a new fitness center and an amenity floor. <em>Image courtesy of Rudin<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Rudin<\/strong> has signed a 27,667-square-foot, 10-year lease at 3 Times Square, a 950,000-square-foot office high-rise in Manhattan. Law firm <strong>Kilpatrick Townsend &amp; Stockton LLP<\/strong> is expected to move to the entire 28th floor in the third quarter of this year. <strong>Cushman &amp; Wakefield<\/strong> worked on behalf of both parties.<\/p>\n\n\n\n<p>The 30-story high-rise came online in 2001. In 2020, the ownership announced plans for a $25 million capex program, which includes a full lobby renovation, a fitness center and a new tenant amenity floor featuring a dining area, coffee bar, conference and event center, along with the activation of outdoor space. FXCollaborative is the architect.<\/p>\n\n\n\n<p>Two years later, the venture <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-icon-lands-415m-in-refinancing\/\">secured $415 million in refinancing<\/a> for the Class A building from several lenders, including Bank of America and J.P. Morgan.<\/p>\n\n\n\n<p>The transit-oriented skyscraper features floorplates ranging from 28,000 to 35,000 square feet, 16 passenger elevators, a food hall and a library, as well as 8,200 square feet of retail, according to CommercialEdge information. Tenants at the WiredScore Platinum-certified property include R\u00e9my Cointreau, Chase Bank and Touro University, the latter signing a 245,000-square-foot, 32-year lease in January 2022. Last June, West Publishing Corp. signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/rudin-inks-46-ksf-at-times-square-tower\/\">five-year lease extension<\/a> for 46,105 square feet.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/leed-certification-stats-for-the-office-sector-in-2023\/\"> LEED Certification Stats for the Office Sector in 2023<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The tower is less than 1 mile from Rockefeller Center and the Empire State Building. Three Times Square is also within walking distance of One Grand Central Place, where ESRT recently signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/esrt-adds-57-ksf-tenant-at-manhattan-tower\/\">57,203-square-foot leasing agreement<\/a>.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0b3ff0ebecb&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004703960\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rudin-secures-full-floor-lease-in-times-square\/3-times-square-exterior\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/3-Times-Square-exterior.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"3 Times Square exterior\" data-image-description=\"&lt;p&gt;The office tower at 3 Times Square in Manhattan.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;3 Times Square received SmartScore Gold and WiredScore Platinum certifications. Image courtesy of Rudin&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/3-Times-Square-exterior.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/3-Times-Square-exterior.jpg\" alt=\"The office tower at 3 Times Square in Manhattan.\" class=\"wp-image-1004703960\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/3-Times-Square-exterior.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/3-Times-Square-exterior.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/3-Times-Square-exterior.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">3 Times Square received SmartScore Gold and WiredScore Platinum certifications. <em>Image courtesy of Rudin<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Cushman &amp; Wakefield<strong> <\/strong>Executive Vice Chair Mark Weiss and Executive Director Sam Hollis Jr. represented the tenant. Vice Chairs Ron Lo Russo and Lou D\u2019Avanzo, Executive Vice Chairs John Cefaly and Mike Burgio, Chair John Santora, Executive Director Paige Engeldrum and Managing Director Dan Organ, along with Rudin Senior Vice President Thomas Keating worked on behalf of the ownership. <\/p>\n\n\n\n<p>Earlier this month, Weiss also represented an insurance litigation firm in <a href=\"https:\/\/www.commercialsearch.com\/news\/rudin-pimco-ink-hq-leases-at-manhattan-tower\/\">a 26,500-square-foot lease deal<\/a> at One Battery Plaza in Lower Manhattan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-sees-lower-asking-rents-holds-on\">Manhattan sees lower asking rents, holds on<\/h2>\n\n\n\n<p>According to a <a href=\"https:\/\/www.commercialsearch.com\/news\/office-asset-values-dive-amid-challenges\/\">CommercialEdge office report<\/a>, Manhattan\u2019s listing rate as of January clocked in at $68.3, almost double the $37.4 national average, even after dropping 9.9 percent year-over-year. The market\u2019s vacancy rate last month was 16.5 percent, 150 basis point lower than the national figure.<\/p>\n\n\n\n<p>Despite the general national slowdown, several leases made headlines since the beginning of 2024. In late January, Fisher Brothers landed a 95,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/fisher-brothers-signs-95-ksf-expansion-in-manhattan\/\">lease expansion<\/a> at Park Avenue Plaza, a 1.2 million-square-foot tower.\u00a0Investment banking company Evercore is now occupying more than 500,000 square feet across multiple floors. A few days later, Mill Point Capital Partners and YMCA Retirement Fund committed to a total of <a href=\"https:\/\/www.commercialsearch.com\/news\/silverstein-properties-inks-two-leases-at-plaza-district-office-tower\/\">47,929 square feet<\/a> at Silverstein Properties\u2019 1177 Avenue of the Americas, a 1 million-square-foot high-rise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A law firm signed for 10 years at the nearly 1 million-square-foot tower.<\/p>\n","protected":false},"author":3355,"featured_media":1004703960,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32799,47405,52143],"class_list":["post-1004703947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-fxcollaborative","tag-rudin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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