The Rudin Family has closed on a $415 million refinancing deal to complete a multi million-dollar capital improvement program at 3 Times Square in Midtown, Manhattan. Often referred to as the Thomson Reuters Building, the scope of work includes the creation of a new three-story lobby, touchless entry and elevator systems, upgraded elevator cabs, and a new amenity deck on the 16th floor.
The 30-story office tower was designed by FXCollaborative and completed in 2001. Since completion, the structure has not seen substantial renovations or improvements to its commercial spaces.
According to The Rudin Family, the capital improvement program was envisioned as a response to growing demands from enterprise commercial tenants for amenitized office properties that support the comfort and wellness of their employees. In this regard, the new amenity floor will include a coffee bar, a fitness center with locker rooms, outdoor dining space, and a flexible conference, and event center designed to accommodate up to 220 people.
FXCollaborative will again serve as lead architect for the project.
Rendering of the new lobby at 3 Times Square – FXCollaborative
The consortium off lenders that provided the refinancing package includes JPMorgan, Bank of America, and M&T Bank.
“This major commitment by several of the world’s leading financial institutions serves as a testament to their ongoing faith in the future of New York City, Midtown’s enduring allure and Rudin’s leadership in the commercial office market,” said Neil Gupta, CIO and EVP of Rudin Management Company, the operating arm of the Rudin Family holdings.
Rudin has not revealed an anticipated date of completion.
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This looks good.
I can’t believe a renovation of a 20 year building costs that kind of money. What was the original construction cost? Totally crazy a reno would come so close to what it cost to build the entire building to begin with…. Solid gold toilets?
Half a billion dollars for a Reno of a new building?