Rudin Closes on $100M Refi of 80 Pine St. Office Tower
The Rudin Family has closed on a $100-million refinancing of 80 Pine St., a 1.2-million-square-foot office tower that occupies the full block between Pearl and Water streets in Lower Manhattan. Bank of America served as the lender.
Proceeds from the new loan will be used to refinance 80 Pine’s existing debt and fund the costs of an extensive capital expenditure program and repositioning of the 38-story tower, which Rudin originally developed in 1960.
“This refinancing package by Bank of America is a testament to New York City and Downtown’s enduring allure as well as a validation of our continued stewardship of this asset,” said Neil Gupta, Rudin’s CIO and EVP.
The renovation project is being done in concert with Rudin’s recently launched leasing and marketing campaign. Rudin has retained a JLL team led by Frank Doyle, Alexander Chudnoff, Peter Riguardi, John Wheeler, Eliza Akers and Kyle Young.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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