Rudin, PIMCO Ink HQ Leases at Manhattan Tower

February 13, 2024

Office Brokerage New York News More Northeast

The long-term leases total a combined 26,500 square feet.

Rudin and PIMCO Prime Real Estate have secured two headquarter relocations amounting to 26,500 square feet at their One Battery Park Plaza, an 870,000-square-foot office building in Lower Manhattan. Barry McTiernan & Moore LLC was represented by Cushman & Wakefield, while CBRE worked on behalf of Partnership with Children. The landlord was represented in-house.

Insurance litigation firm Barry McTiernan & Moore LLC will relocate from its current headquarters at the 476,000-square-foot 101 Greenwich St. building, to 18,464 square feet at the tower’s entire top floor for 16 years. The firm is expected to open its office in mid-2024.

Partnership with Children, an organization that provides mental health services and support for children, signed an 11-year agreement for 8,036 square feet on the second floor of the 35-story high-rise. The company will relocate from its current office at 299 Broadway, a 231,200-square-foot building, in the second quarter of 2024.

Other tenants at the property include Nationwide Mutual Insurance, Meridian Capital, CetraRuddy and Curtis + Ginsberg Architecture—which signed a 12,602-square-foot lease last year.

Rudin Vice President Kevin Daly represented the ownership, while Cushman & Wakefield Executive Director Jonathan Schindler and Executive Vice Chair Mark Weiss represented Barry McTiernan & Moore LLC. CBRE Executive Vice President Ramneek Rikhy, Senior Vice President Zachary Price and First Vice President Marlee Teplitzky represented Partnership with Children.

One Battery Park Plaza, up close

In 2012, Rudin became the sole owner of One Battery Park Plaza after acquiring a 50 percent ownership from Rose Associates for $104.7 million, according to CommercialEdge data. Four years later, Allianz Real Estate, now known as PIMCO Prime Real Estate, purchased a 49 percent ownership stake for $178.9 million.

The 1971-completed building went through cosmetic renovations in 2015, including an upgraded marble lobby designed by Specter DeSouza Architects. The property also features floorplates ranging from 27,000 to 29,000 square feet, 3,000 square feet of street-level retail, conference rooms, breakout and wellness rooms, along with 18 passenger elevators.

Located at 24 Whitehall St., the building is 1 mile from One World Trade Center and 20 miles northeast from John F. Kennedy International Airport. The high-rise is also less than a mile from 80 Pine St., Rudin’s 1.2 million-square-foot building where Vibrant Emotional Health committed to 59,550 square feet last year.

Recent office deals in Manhattan

In December 2023, Fisher Brothers and institutional investors advised by J.P. Morgan Global Alternatives signed the largest deal of last year, a 765,000-square-foot agreement at 1345 Avenue of the Americas. A law firm will occupy the space for 20 years.

Also in December, MetLife extended its lease at Tishman Speyer and Irvine Co.’s 3.1 million-square-foot office building for another 11 years. The firm occupies about 400,000 square feet.

According to the latest CommercialEdge office report, Manhattan had a 16.4 percent vacancy rate as of December, 190 basis point lower than the national average. The average listing rate during the same month clocked in at $70, almost double the $37.6 registered nationally.