ARE of America formed a joint venture partnership with the Rudin Family for the recapitalization of One Battery Park Plaza, a class A, 35-story office tower in Lower Manhattan.
Source: Rudin Management
Under the terms of the joint venture, the Rudin Family will retain a majority ownership interest in the 870,000-square-foot office tower and will continue to serve as the asset and property manager. Financial terms of the deal were not disclosed.
"We are pleased to have been extended the opportunity to partner with the Rudin family, one of the most prominent New York real estate owners," said Christoph Donner, CEO of ARE of America in New York. "As partners in a very significant building in Lower Manhattan, we share a broad and deep level of expertise in identifying attractive investments with enormous potential over the long-term horizon."
One Battery Park Plaza was constructed in 1970 by the Rudin and Rose families. In 2012, the Rudin Family acquired the Rose family’s 50 percent stake in the property and had retained 100 percent ownership until forming the current joint venture with Allianz Real Estate.
Situated between the Battery and Whitehall Street, One Battery Park Plaza is widely acknowledged as one of Downtown’s most accessible and visible addresses. The building features magnificent views of the New York Harbor, state-of-the-art broadband connectivity and a 24/7 attended lobby. The property’s major tenants include Hughes Hubbard and Reed, Seward & Kissel, Partnership for New York City, Liberty Mutual Insurance Company and Meridian Capital.