Quote:
Originally Posted by ChiND
I assumed that Blackstone was the tenant. If they're not, I wonder where they might wind up. Could Extell's site at 405-417 Park be big enough for them, assuming they acquire Park 55 and the little buildings to the east of the site on 54th St.?
Another possibility for Blackstone is 625 Madison, but once again, is that big enough? Blackstone has 1m sf at its current location.
I'm surprised that the building on the east side of Madison between 56th and 57th isn't a proposed office site (at least not a publicly announced one).
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I know blackstone is looking for large floorplates in their new HQ location - They've passed on a few development options already up and down park ave for that reason. Gary's site could work depending on how much depth he can get via his purchase of the neighboring parcels you mention. But if he's going for scheme that maximize height, he likely won't have enough large floors. But there are plenty of other office tenants circling park ave sites that don't have their same floorplate requirements (e.g. blue owl, morgan stanley among others) and are okay with taking a higher quantity a shallow floors.
(to be perfectly candid, blackstone likes to think they are smarter than the market so they've been biding their time on the new HQ search and havent been seriously involved in discussions for all these new towers)
625 Madison is a bit of a similar story - believe Related is going with a scheme to maximize height and park views which could take BX out. BX also loves Park ave (Jon Gray specifically has been quoted in articles touting how he loves Park ave becuase it has two way traffic and makes it easier for him to catch a cab home) Blue owl also rumored to be poking around there for office space.