There is no argument over who is about to have the best view at Rudin’s 3 Times Square.
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Jams, a global dispute resolution services provider, is relocating its New York City headquarters to 55K SF across the top two floors of the 30-story, 925K SF Midtown tower, Rudin announced Monday.
“JAMS’ major commitment to 3 Times Square underscores the market’s continued appetite for top-quality, well-located properties with premier amenity programs,” Rudin co-CEO Michael Rudin said in a statement.
After signing an 11-year lease, the company is expected to move into the office building in the fourth quarter of 2027.
The dispute resolution firm will join a tenant roster that includes Spectrum Reach, Remy Cointreau and Anchin, Block & Anchin. The tower is now 75% leased, the New York Post reported.
“JAMS has a longstanding presence in New York, and this relocation represents an important investment in our future here,” Jams CEO and President Kimberly Taylor said in a statement.
Rudin and its joint venture partner, Thomson Reuters, in 2021 invested $25M to create a 16th-floor amenity space, which has a café, a lounge, and conference and event space.
Rudin scored a $415M refinancing from a group of lenders led by JPMorgan in 2022, six months after signing a 32-year, 243K SF lease with Touro University for a consolidated campus. The private college expanded to 310K SF in 2023.
CBRE’s Ken Rapp, Brendan Herlihy and Ron Wade represented Jams in the deal. Kevin Daly represented Rudin in-house along with Cushman & Wakefield’s Ron LoRusso, Lou D’Avanzo, John Cefaly, Michael Burgio, Dan Organ and Paige Engeldrum.
Jams is moving from its space at 620 Eighth Ave., where its website shows it has space on one floor in the portion of the building owned by The New York Times, as well as on a separate floor in the part owned by Brookfield Asset Management.
The deal may cause further strain for the owners of Jams’ current home, the 1.5M SF, 52-story office near the Port Authority Bus Terminal.
In October 2024, law firm Covington & Burlington was moving from 200K SF at 620 Eighth Ave. to 235K SF at 30 Hudson Yards via a sublease agreement. Fitch Ratings downgraded the building’s outlook to “negative” five months later.
A year after the law firm announced its move-out, Brookfield's $635M debt was moved to special servicing as the owner tried to modify the loan after five consecutive extensions, Crain’s New York Business reported.
Brookfield defaulted on the building's mortgage when it matured in December, according to servicer commentary via Morningstar Credit Analytics. After being appraised at a $1B value in 2018, a recent appraisal pegged the office condo's value at $635M, according to servicer commentary.
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