Rudin Lands 60 KSF Tenant in Lower Manhattan – What is a Ground Lease?

, Rudin Lands 60 KSF Tenant in Lower Manhattan – What is a Ground Lease?, Robert Khodadadian

80 Pine St. Image courtesy of Rudin

Vibrant Emotional Health, a nonprofit mental health provider, will relocate from 50 Broadway in the Financial District of Manhattan, N.Y., to 80 Pine St., less than half a mile away. The company will fully occupy the 18th and 19th floors of the office tower, owned by Rudin Management Co.

Vibrant signed a 59,550 square-foot-lease for a total of 15 years. Currently, the company leases 31,000 square feet and plans to relocate to the 1.2 million-square-foot high-rise in mid-2023.

Standing 38 stories tall, 80 Pine St. is undergoing repositioning. Rudin closed $100 million in refinancing for the building in 2021. A new amenity center on the 22nd and 23rd floors, funded by the refinancing, is set to include a lounge, cafe, conference space and 4,600-square-foot outdoor deck. Touch-free access points, energy-efficient LED lighting, white terrazzo flooring, air filtration technology and new elevator cabs are all a part of the modernization of the building, planned together with Fogarty Finger Architecture.

Built in 1960 by the Rudin family, 80 Pine St. is designed by Emery Roth & Sons. Floorplates range from 13,000 to 60,000 square feet, with private terrace options. It takes up one city block between Pearl and Water streets, next to the Seaport District. Retail, restaurant, grocery and entertainment options are within walking distance, as is a newly completed Pier 17 concert venue.

The tower provides easy access to Manhattan and the wider New York City area through the 2, 3, 4, 5, J and Z subway lines, the NYC Ferry and the Staten Island Ferry.

According to CommercialEdge data, 80 Pine St. features first-floor retail space occupied by Chop’t, Starbucks, DIG and Hale and Hearty. The asset has received WiredScore Platinum certification and SmartScore Gold Certification for sustainability and user experience.

CBRE’s Chris Mansfield, Gerry Miovski, Masha Dudelzak and Ali Gordon represented Vibrant. Kevin Daly and Tom Keating represented Rudin in-house in the deal. JLL’s Frank Doyle, Alexander Chudnoff, John Wheeler, Kyle Young and Eliza Gordon are marketing 80 Pine St.

Recent activity at Rudin’s 80 Pine St.

Vibrant’s signing marks the eighth lease secured by Rudin at 80 Pine St. in the last year. During this time, some 200,000 square feet of renewals, new leases and expansions have been signed in the building.

Other new leases signed after the start of the capital improvement and amenity program debuted include The Global Alliance for TB Drug Development Inc., New York Property Insurance Underwriting Association, AccuWeather Inc., CureMD, The National Urban League, January Digital and Elefterakis.

The post Rudin Lands 60 KSF Tenant in Lower Manhattan appeared first on Commercial Property Executive.

 Brokerage, New York, News, Northeast, Office, CBRE, Fogarty Finger, JLL, Rudin Management Company 

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