Rank reduction strategies can be employed to attenuate noise and for prestack seismic data regularization. We present a fast version of Cadzow reduced-rank reconstruction method. Cadzow reconstruction is implemented by embedding 4D spatial data into a level-four block Toeplitz matrix. Rank reduction of this matrix via the Lanczos bidiagonalization algorithm is used to recover missing observations and to attenuate random noise. The computational cost of the Lanczos bidiagonalization is dominated by the cost of multiplying a level-four block Toeplitz matrix by a vector. This is efficiently implemented via the 4D fast Fourier transform. The proposed algorithm significantly decreases the computational cost of rank-reduction methods for multidimensional seismic data denoising and reconstruction. Synthetic and field prestack data examples are used to examine the effectiveness of the proposed method.