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Rudin Management has sold a 49% partnership stake in its 35-story office tower One Battery Park Plaza to Allianz Real Estate of America.
Rudin will continue to manage the property, and the deal values the 870k SF tower at $365M. Rudin CEO Bill Rudin tells The Real Deal he’d been looking for a partner on the project for some time, and Allianz was a natural fit.
Rudin built the tower at 24 State St in 1970 along with Rose Associates, and Rose sold its 49% stake to Rudin in 2012 for $80M. Rudin never officially put the stake on the block, but tells TRD he’d been discussing a partnership with Allianz for some time.
The building is fully leased, with law firm Hughes Hubbard & Reed occupying 10 floors for a total of 220k SF and other firms like Seward & Kissel, Partnership for New York, Meridian Capital Group and others taking the remaining space. [TRD]
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