The Rudin Family closed on a $415-million refinancing for the repositioning of 3 Times Square, originally built in 2001 as the North American headquarters of Reuters Group PLC. The proceeds will be reinvested in a capital improvement program at the 30-story Midtown Manhattan skyscraper.
JPMorgan led a consortium of lenders, including Bank of America and M&T Bank, in providing the refinancing package. Rudin secured the floating rate loan for a term of three years with two one-year extension options.
Neil Gupta, CIO and EVP of Rudin Management Company, the operating arm of the Rudin Family holdings, represented Rudin and its joint venture partner, Thomson Reuters.
“This major commitment by several of the world’s leading financial institutions serves as a testament to their ongoing faith in the future of New York City, Midtown’s enduring allure and Rudin’s leadership in the commercial office market,” said Gupta.
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).