Fast-Growing Private Investment Firm Expands its Overall Footprint to 33,500 SF at the 1.1 Million Square-Foot Downtown Tower
The Rudin Family announced today that private investment firm Dorilton Capital Management is quadrupling its office presence at 32 Avenue of the Americas, one of the most historically significant telecom buildings in the City of New York.
The company, which signed a 7,500 square-foot lease on the 17th floor in late 2017, is taking an additional 26,000 square feet on the entire 26th floor. As a result of the new lease expansion, Dorilton’s presence at the 1.1 million square-foot building will grow to 33,500 square feet overall.
Upon closing the transaction, Michael Rudin, Senior Vice President of Rudin Management Company, the operating arm of Rudin Family holdings, commented: “Given Dorilton’s increasing headcount and need for more office space, our building at 32 Avenue of the Americas was able to provide the firm with the additional room that they needed to keep their business growing right here in Lower Manhattan. 2018 was a record year for leasing activity in the city, and we believe that this transaction is a key example of the momentum that is continuing in 2019.”
Robert Steinman, Senior Vice President at Rudin Management Company, represented building ownership in the 10-year leasing transaction, while Gordon Ogden of Byrnam Wood represented the tenant. Asking rents were $89 per square foot.
Acquired by the Rudins in late 1999 from AT&T, 32 Avenue of the Americas was one of the original office towers that set the tone for Lower Manhattan’s live/work environment. Since the acquisition, the family has invested significant capital to renovate, re-engineer and transform the property into one of the top internet buildings in the world.
Today, the 27-story, 1.2 million square-foot office tower boasts state-of-the-art infrastructure designed to support the needs of today’s media and communications companies, including two 140 foot radio towers, access to primary and emergency power sources, redundant HVAC systems, fuel storage capacity, access to over 50 telecommunication networks and significant floor load capacity.
According to Steinman, only 18,000 square feet on the 12th floor remains available for lease at the property. Current tenants at the building include Dentsu, iHeart Media, Digital Realty, Verizon, CenturyLink, Coresite, Bartle Bogle Hegarty, NYU and Globo.
The property, which occupies a full block bordered by Sixth Avenue, Walker Street, Church Street and Lipsenard Street, is a designated New York City historical landmark building. Formerly known as the AT&T Long Lines Building, the first transatlantic telephone call via cable was switched through 32 Avenue of the Americas in 1956. It connected Europe with the North American long distance network linking New York with 360 cities in the United States and Canada via wire for the first time in history.
Founded in 2009, Manhattan-based Dorilton is a family equity office that provides long term, patient capital to lower middle market companies across a variety of industries. As a partner, Dorilton works with entrepreneurs on growth while preserving the legacy and culture of their companies.
About Rudin Management Company
Rudin Management Company is a full service real estate organization managing the interests of the Rudin Family, which owns andoperates one of the largest privately held real estate portfolios in New York City. Among its real estate holdings, which includes the high-tech Dock 72 office tower at Brooklyn Navy Yard, are 16 commercial office buildings containing approximately 10.2 million square feet of space and 18 apartment buildings comprising over four million square feet of residences. For more information about Rudin Management Company, please visit the newly-redesigned Rudin website at https://www.rudin.com/.
