PGIM Provides $222 Million Refinancing for Two Rudin Management Company Office Towers in Midtown Manhattan
PGIM's real estate investment group has provided $222 million in financing to Rudin Management Company to refinance two multi-tenant Class-A office buildings in Midtown Manhattan, the firms announced June 24, 2026.
The refinancing package consists of a $140 million loan for 41 Madison Avenue and an $82 million loan for 641 Lexington Avenue. Together, the two properties comprise more than 1 million square feet of office space.
Deal Structure and Property Details
41 Madison Avenue totals 451,568 square feet, while 641 Lexington Avenue comprises 581,704 square feet. Both buildings are located in Midtown Manhattan and benefit from proximity to Lexington Avenue subway lines, Grand Central Station, and Madison Square Park, according to the announcement.
PGIM said the assets are well leased and anchored by a diverse mix of long-term tenants, including government entities and investment-grade corporations. The financing was executed on behalf of PGIM's core lending strategy.
Specific occupancy rates, loan terms, and other financial details were not disclosed in the announcement.
Lender Commentary
"These financings reflect continued lender confidence in high-quality office assets located in premier urban markets," said Justin Levitt, managing director and head of Northeast Region for U.S. Debt at PGIM's real estate business. "The properties are exceptionally well-located with strong tenancy, long-term ownership, and enduring relevance within the Midtown Manhattan office market. We are pleased to provide financing solutions that support Rudin Management Company's long-term vision for these assets."
PGIM characterized the refinancings as positioning both assets to benefit from what it described as improving Midtown office fundamentals.
About the Firms
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). The firm manages $1.4 trillion in assets as of March 31, 2026, and operates with more than 1,400 investment professionals across 41 offices in 20 countries. Its real estate group operates both a fund advisory business and a commercial real estate debt origination and asset management platform.
Rudin Management Company is a New York-based real estate owner and operator. Additional details about the company were not included in the announcement.