NEW YORK CITY – One of New York City’s largest private owners, operators and developers, the Rudin Family, has launched a multi-million dollar, building-wide capital improvement program for the Midtown Manhattan office tower, 3 Times Square.

The project will transform and reposition the 30-story tower into a modern workplace destination.

The office building currently features a private lobby reception lounge, private outdoor terraces and top of building and marquee exterior signage. The property offers potential tenants with new headquarter opportunities, including floorplates from 28,000 to 35,000 square feet and a total of 885,000 available square feet.

For the capital improvement program, Rudin has selected architectural firm, FXCollaborative to create a new, glass-walled, triple-height lobby for the building. The property’s new ground-floor exterior will feature a sculptural façade screen, designed to diffuse the light of Times Square. The interior space will consist of streamlined, touchless entry and a fully-renovated destination dispatch elevator system.

Rudin and FXCollaborative additionally plan to create a dedicated amenity space on the tower’s 16th floor. The space will be available to building tenants and will encompass a dining area and lounge, a coffee bar, a conference and event center and a state-of-the-art fitness center with locker rooms.

FXCollaborative designed the original building in 2001. 3 Times Square was initially constructed as the North American headquarters of Reuters Group PLC.

“The redevelopment of 3 Times Square is a clear commitment to the future of our city,” states Michael Rudin, SVP of Rudin Management Co., the operating arm of Rudin Family Holdings. “We are excited and proud that, after 20 years, we will be working with the tower’s original architects, FXCollaborative, to modernize and reimagine this iconic Times Square building for the next generation of New Yorkers.”

Rudin has retained Cushman & Wakefield to market the tower’s 885,000 square-foot available space as its exclusive leasing agent. The Cushman & Wakefield team is led by John Cefaly, Lou D’Avanzo, Ron Lo Russo, Paige Engeldrum and Lauren Hale.

The building is registered with the US Green Building Council and is seeking LEED certification. The property also features the advanced building operating system, Nantum OS.

The Rudin Family is partnered with Thomson Reuters for 3 Times Square.