Rudin lands $415 million refi on Times Square office tower

Bill Rudin, CEO of Rudin Management, and 3 Times Square (Getty Images, 3 Times Square, iStock)

The Rudin family secured major funding for their renovation of 3 Times Square.

A group of lenders led by JPMorgan provided the $415 million refinancing, which Rudin Management will use to continue renovating the 30-story, 885,000-square-foot Midtown office tower it co-owns with Thomson Reuters. The New York Post was the first to report the case.

Bank of America and M&T Bank also took positions on the three-year floating rate loan, with options for two one-year extensions.

Rudin said he would use the money to redesign the tower’s lobby, upgrade the structure’s elevator and entry systems, build new amenities including a fitness center, dining room and a conference space, and erect a large electronic bulletin board outside the tower. The funding will also go towards leasing efforts, the company said.

In 2020, Rudin tapped FXCollaborative, the architecture firm that originally designed the building two decades ago, for a $25 million makeover.

Renovation plans emerged last year as Rudin prepared for the departure of tenants, including the Bank of Montreal and FTI Consulting, leaving the building virtually unoccupied. The company brought in Cushman & Wakefield to market the office space in the renovated tower. Thomson Reuters reportedly solicited an interest in its 50% stake in the property at the end of 2020.

Earlier this year, Rudin signed a 245,000 square foot lease with Touro College. Seven of the university’s schools will occupy the building’s third through ninth floors, as well as portions of the ground and second floors. University students, faculty and staff will have their own entrance and hall.

The tower opened in 2001 as the North American headquarters of Reuters Group.

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