New York, NY Rudin, a full-service real estate organization, and one of NYC's largest private owners, operators and developers of first-class real estate, has completed two long-term leases, totaling more than 36,000 s/f at 80 Pine St., a 1.2-million s/f office tower that is in the final stages of a major repositioning.
The Global Alliance for TB Drug Development, Inc. (TB Alliance) signed a 16-year, 21,561 s/f lease spanning the entire 20th floor of the 38-story Financial District building. TB Alliance will relocate to the new space in early 2023. The not-for-profit organization is dedicated to the discovery, development and delivery of better, faster-acting and affordable tuberculosis drugs for those who need them.
In addition, Elefterakis, Elefterakis & Panek LLP finalized a long-term agreement to expand by 14,752 s/f across the entire 36th floor of 80 Pine St., bringing its total presence in the tower to 28,408 s/f. The personal injury law firm already occupies 13,656 s/f covering the full 38th floor, which was converted early this year from a sublease to a 15-year direct lease. The lease for both floors runs through 2037.
“We are thrilled to welcome TB Alliance, which has chosen 80 Pine to continue its important work. In addition, it is always gratifying to see a firm like Elefterakis, Elefterakis & Panek, which first came to 80 Pine via a sublease, not only become a direct tenant, but also grow with us over the long-term,” said Michael Rudin, executive vice president at Rudin. “Each of these seven recent leases speaks to the strength of our ongoing capital improvement and amenity program as well as to Lower Manhattan’s continued appeal to a wide range of successful companies across a diverse spectrum of industries.”
The TB Alliance was represented by Savills vice chairman Marc Shapses. Elefterakis, Elefterakis & Panek LLP was represented by Thomas Cordasco of Thomas Cordasco Company.
Rudin was represented in the transactions in-house by Kevin Daly. Rudin was also represented on the TB Alliance transaction by a JLL team of Frank Doyle, Alexander Chudnoff, John Wheeler, Kyle Young and Eliza Gordon.
The neighborhood features a wide variety of shops and restaurants, and a new concert venue at Pier 17. The building, which features an onsite bike valet and parking garage, is in close proximity to the 2, 3, 4, 5, J and Z subway lines, the Staten Island Ferry and the NYC Ferry.
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