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Rudin Management was one of WeWork's most important early backers, and it is now testing to see how much it can capitalize on that investment.
Rudin has placed 110 Wall St. — a building CEO Bill Rudin's grandfather, Samuel Rudin, built more than 50 years ago — on the market for sale, The Real Deal reports. The We Company occupies the entire building, and 21 of 110 Wall's 27 floors are dedicated to the first output of WeLive, the company's multifamily concept, which opened in early 2016.
Five floors are dedicated to a traditional WeWork, while the ground floor is a mix of several food uses and WeWork/WeLive's lobby.
Eastdil Secured brokers Gary Phillips and Steven Binswanger are marketing the property, which has an asking price of about $160M, TRD reports. The We Company signed a lease for the building until 2041.
Bill Rudin was an early investor in WeWork, and besides his firm's gamble on WeLive in a Wall Street office building, Rudin and Boston Properties are co-developing Dock 72 with WeWork in the Brooklyn Navy Yard.
That project, a 675K SF, $360M office building far from a subway stop, is one of WeWork's most ambitious to date, and the coworking firm will fill more than 200K SF when the building opens. The developers haven't secured any other commitments for the remainder of the office space, The Real Deal reported last week.
110 Wall St. was heavily damaged during Superstorm Sandy, and the vacated building forced Rudin to experiment. Ultimately, the firm has spent $160M repairing and renovating the property, and its committed cash flow is now $210M, according to TRD.
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