Rudin Scores 2 Renewals in Manhattan
Business law firms Skarzynski Marick & Black and Gordon Rees Scully Mansukhani have renewed their headquarters leases totaling 50,700 square feet at One Battery Park Plaza, an 870,000-square-foot building in Lower Manhattan.
Newmark worked on behalf of both tenants, while the ownership, Rudin Management Co. and PIMCO Prime Real Estate, was represented in-house.
Skarzynski Marick & Black will continue to occupy its 28,307-square-foot office space covering the entire 32nd floor for another five years. The insurance coverage law company has another headquarters in Chicago, at 500 W Madison St.
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GRSM has inked an 11-year lease renewal and will maintain its 22,409-square-foot space on the 28th floor of the high-rise. The tenant is the only law firm in the country with offices in all 50 states.
Rudin Management Co. became the sole owner of the 35-story asset in 2012, after acquiring a 50 percent ownership from Rose Associates for $104.7 million, according to CommercialEdge information. Four years later, Allianz Real Estate, now known as PIMCO Prime Real Estate, purchased a 49 percent ownership stake for $178.9 million.
As of March, Manhattan’s listing rates averaged $68.9 per square foot, more than double the $33.4 national figure, according to a recent CommercialEdge office report. The borough’s vacancy rate during the same month clocked in at 16.4 percent, significantly below the 19.7 percent U.S. average, also down 30 basis points year-over-year.
A Lower Manhattan high-rise
Completed in 1971 by Rudin after Emery Roth & Sons’ architectural plans, One Battery Park Plaza is at 24 Whitehall St. Located in the Financial District, the office tower overlooks Battery Park and New York Harbor.
The property features floorplates ranging from 27,000 to 29,000 square feet. Its tenant roster includes CetraRuddy, Nationwide Mutual Insurance, Cullen and Dykman, Hughes Hubbard & Reed, Seward & Kissel and the Partnership for New York City.
In 2013 and 2014, the ownership took out two loans totaling $110 million, both originated by State Farm Insurance and set to mature in 2028, the same source shows. A year later, the high-rise underwent cosmetic renovations which focused on the lobby. One Battery Plaza also features 3,000 square feet of street-level retail and a parking garage.
Rudin Director of Commercial Leasing Thomas Keating and Vice President of Office Leasing Kevin Daly represented the ownership. Newmark Vice Chairmen Chris Mongeluzo and Hal Stein, alongside Senior Managing Director Adam Weinblatt, worked on behalf of GRSM, while Executive Managing Director Andrew Peretz represented Skarzynski Marick.
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