The Thomson Reuters building in Manhattan, located at 3 Times Square, is about to get a $25M renovation.

The Rudin Family, which owns the building in a joint venture with Reuters, is renovating the 30-story, 885K SF skyscraper, built in 2001, to include a “glass-walled, triple height” new lobby, facade screen and destination dispatch elevator, according to a release. The repositioning also includes communal space with a gym, a 220-person event center and a dining area.

“The redevelopment of 3 Times Square is a clear commitment to the future of our city,” said Rudin Management Co. Senior Vice President Michael Rudin in the release. The building's original designer, FXCollaborative, will be the architect on the redevelopment as well.

All the building's office space will become available over the next year, a spokesperson for the company confirmed to Bisnow. The landlord will be asking for rents in the low-$70s to mid-$80s per SF once the renovation is complete, the spokesperson confirmed. Cushman & Wakefield’s John Cefaly, Lou D’Avanzo, Ron Lo Russo, Paige Engeldrum and Lauren Hale will market the office space.

Rudin developed the Midtown office building for Thomson Reuters two decades ago. The media company holds a 50% stake in the property — worth an estimated $700M — which it was looking to sell as of last fall, Bloomberg reported in October. Other tenants include Chase Bank and FTI Consulting, as well as BMO Capital Markets, which will be exiting the building to move next door to The Durst Organization’s 4 Times Square.

The renovation comes at an uncertain moment for the country’s largest office market — office rents were down 7.9% year-over-year in the first quarter of 2021 as availability rose over 50%.

Companies looking to get rid of office space are further driving rents down — sublease availability increased 61.7% year-over-year in New York City during Q1 of 2021, according to a Savills report released Monday.

Increased leasing activity to start the year provided glimmers of a recovery, but a full recovery is still years away, and companies are still uncertain what the future of the workplace will look like post-pandemic. New York City office landlords like Rudin have been upgrading and amenitizing their buildings as a way to lure companies back.