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Rudin, a fourth-generation New York City property owner, is bringing on board Mehul Patel, an established real estate figure with experience in both the private and public sectors, to head up its commercial office portfolio.
Patel’s newly created position, senior vice president and head of commercial office, will involve overseeing Rudin’s 10.5M SF office portfolio, the company said in a release. In the role, Patel will supervise operational and capital expenditures across Rudin’s 16 commercial properties, in addition to overseeing asset management, property management, development, leasing and marketing.
“We are thrilled to welcome Mehul to the Rudin team,” Rudin Executive Vice President Michael Rudin said in a statement. “Throughout his career, Mehul has demonstrated a great understanding and ability to invest wisely in dynamic environments designed to attract and inspire New Yorkers. We look forward to Mehul putting his expertise to work across our commercial portfolio.”
Patel had been chief operating officer at Midtown Equities, where he directed the firm’s deal execution for development, leasing and asset management across its portfolio and investment pipeline. Prior to Midtown, Patel held the same title at Midwood Investment & Development.
“I’m excited to join Rudin, a company and family that’s known for its dedication to the business community and synonymous with the advancement of New York City,” Patel said in a statement. “I look forward to working with the entire Rudin team on their world-class commercial portfolio.”
Before joining the private sector, Patel served as vice president of the Moynihan Station Development Corp. and worked at Empire State Development as both chief operating officer and chief of staff. His public sector career spanned 7.5 years.
He is a trustee of the Urban Land Institute, which recognized him in its Global 40 Under 40, and is also on the board of the Coro New York Leadership Center. Patel is also an adjunct professor at Columbia University, where he teaches about public-private partnerships in real estate development, and is a director of the Lower Manhattan Development Corp.
Patel’s appointment comes at a critical time for New York City’s office buildings. Wall Street banks and tech companies have been pushing for a long-expected return to the office but have been met with reluctance from employees. Some employers had voiced hopes of implementing in-person work policies in the weeks after Labor Day, The New York Times reported.
Rudin has been a beneficiary of some employers’ return-to-office policies, including a potential expansion of its 345 Park Ave. lease to investment firm Blackstone. But a reluctant return to physical workspaces hangs over the real estate firm. Some of the family's office holdings were built decades ago, and it has over 1M SF of availability in just two buildings: 3 Times Square and 80 Pine St., both of which it is renovating.
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