Law firm Hughes, Hubbard & Reed has signed a 20-year lease renewal for 226,416 square feet at 1 Battery Park Plaza in New York City. The tenant currently occupies the entire 10th through 18th floors, in addition to a portion of the seventh floor and part of the basement.
Candace K. Beinecke, chair of Hughes Hubbard & Reed LLP, commented, "We are very pleased to reaffirm our 75-year commitment to downtown and look forward to continuing to work from the Rudin Family’s One Battery Park Plaza with its iconic views of the New York Harbor."
The 36-story, 875,000-square-foot, class A office building
was constructed in 1971 on eight-tenths of an acre in Manhattan's Financial District submarket, occupying the full block bordered by State, Pearl, Bridge and Whitehall Streets. It features a 150-car garage and access to public transit, on-site banking and management, and a state-of-the-art security system. The property is fully leased to multiple tenants including The Partnership for New York City, Liberty Mutual, Seward & Kissel, and Meridian Capital.
"We’re delighted that One Battery Park Plaza will continue to serve as the home for this global law firm which has been headquartered in our building since 1999," stated Bill Rudin, co-vice chairman and CEO of Rudin Management Company, the operating arm of Rudin Family Holdings. "One Battery Park Plaza is one of Lower Manhattan’s most visible and accessible addresses with dramatic views of Battery Park and the New York Harbor. This transaction reaffirms the strength of the downtown market as well as Hughes Hubbard’s and the Rudin Family’s commitment to downtown New York."
The asset is wholly owned by the Rudin Family, which acquired the Rose Family's 50% interest back in January 2012, according to CoStar data. Other downtown buildings owned by the Rudin group include 80 Pine St., 55 Broad St., One Whitehall, 110 Wall St., and 32 Avenue of the Americas.
Sam Sultanik, Jillian Kane and Gerard Cruse represented Hughes Hubbard in-house, along with Newmark Grubb Knight Frank's Neil Goldmacher, Chris Mongeluzo and Mark Weiss. Thomas Keating with Rudin Management Company, Inc. represented the building owners in-house.
Editor's Note: The news story was updated to clarify the 2012 acquisition of 1 Battery Park Plz was in fact a partial interest transfer in which the Rudin family acquired the remaining 50-percent ownership stake in the property from the Rose family. See CoStar COMPS #2238640 for additional information on this sale.