Rudin Lists 1.2M SF FiDi Office Building For Sale

Following their $100 million investment to upgrade its office tower at 80 Pine Street in Manhattan's Financial District, Rudin Management is looking to sell the property as it struggles to find tenants.

What happened: The 1.2-million-square-foot building has a large vacancy following the departure of AIG in 2021, and only around 700,000 square feet are currently leased. Rudin is hoping to get around $167 per square foot, or $200 million, for the property.

A difficult landscape in spite of everything: Rudin has made some upgrades to the building in recent years, including adding touchless access points and an amenity center with a conference facility, dining hall, and terrace. However, the office leasing market in Manhattan has been difficult since the pandemic, and Rudin is looking to sell the property before it can find tenants.

Another similar venture: This is not the first time Rudin has sold an office property in recent months. In the summer, the company sold 55 Broad Street to Silverstein Properties and Metro Loft Management for $172.5 million. The developers plan to convert the property into apartments, one of the largest office-to-residential plans in city history.

Rudin is retaining a stake in the 55 Broad Street project, but it is clear that the company is shifting its focus away from office space in Manhattan.