Rudin Management Company has successfully secured a crucial multi-year extension on its $425 million CMBS loan for 32 Avenue of the Americas, a prominent 27-story Art Deco office tower located in Tribeca, Manhattan. The extension pushes the loan’s maturity date to November 2029, contingent upon Rudin exercising two one-year renewal options in 2027 and 2028. This financial maneuver secures the future of the iconic property, originally known as the AT&T Long Lines Building.
Crucially, the loan agreement mandates a significant investment, with Rudin committed to launching a $100 million capital improvements and leasing initiative. This sweeping program is designed to modernize and enhance the building’s tenant offerings and competitive profile. Planned upgrades include a new prebuilt office program featuring suites ranging from 5,000 to 10,000 square feet, a completely redesigned lobby, and renovated street-level retail spaces offering flexible layouts. Furthermore, Rudin plans to open a dedicated leasing and marketing center on the 25th floor, which will boast two outdoor terraces providing panoramic views of the Manhattan skyline.
Acquired by the Rudin family in 1999, 32 Avenue of the Americas is unique in its function, serving as both premium office space and a high-capacity data center. The property is a critical telecommunications hub, featuring dual 140-foot radio towers, redundant HVAC systems, and access to more than 50 telecommunication networks. This specialized infrastructure has allowed the building to maintain a high level of tenancy, with its telecom and data center inventory currently 91 percent leased to major firms like Verizon, Lumen Technologies, and Digital Realty, alongside office tenants such as Dorilton and Industrious. The secured financing and forthcoming $100 million upgrade package aim to ensure the building’s continued relevance and appeal in the dynamic downtown Manhattan real estate market.
