Rudin Family’s $160 Million Deal with Bushburg for 80 Pine Street

Rudin Family's $160 Million Deal with Bushburg for 80 Pine Street

In a surprising turn of events, the Rudin family looks to sell the iconic 80 Pine Street to Joseph Hoffman’s real estate company, Bushburg, for a seemingly lowball price of $160 million. This decision marks a significant moment in the property’s rich history, considering the emotional attachment the Rudin family has had to the building. The structure, which the Rudins initially hoped would fetch $200 million, holds a special place in the dynasty’s heart. The legacy began back in 1959 when the company legend Lew Rudin broke ground on the 1.2 million square-foot tower.

At that groundbreaking ceremony, a young Bill Rudin, who would later become the CEO and co-executive chairman of the company, watched in awe from his dad’s arms. This heartwarming moment captured in a photo from October 2020 showcases the deep-rooted connection between the Rudins and the property they have held dear for decades. The Rudin family’s journey with 80 Pine Street took a transformative turn when faced with the daunting prospect of losing a significant tenant, AIG, which occupied 800,000 square feet. To combat this challenge, the Rudins embarked on an extensive upgrade project to enhance the tower’s competitiveness in a sluggish market.

Thanks to a dedicated leasing effort led by a top JLL team, the initiative proved successful, resulting in the addition of 200,000 square feet in new leases. However, recent developments indicate a shift as Bushburg, a Manhattan-based company known for its projects in Brooklyn, steps in with a proposed acquisition of the property. The reported sale was first brought to light by Real Deal, raising speculation about potential future plans for the iconic building.

If the sale proceeds, the new owners might explore the possibility of converting the existing structure into apartments, a trend observed among several downtown property owners. Despite these significant developments, both Bill Rudin and Bushburg have remained tight-lipped, choosing not to provide comments on the potential sale. As the fate of 80 Pine Street hangs in the balance, the legacy of the Rudin family intertwined with this architectural gem faces an exciting and uncertain chapter ahead.

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