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[NYguy]

A little more on the Blackstone lease expansion…


https://commercialobserver.com/2024/06/blackstone-expansion-345-park-avenue/

The private equity company is finalizing a deal that would expand its headquarters to 1.06 million square feet. Once completed, the deal would keep Blackstone in Rudin’s Midtown office tower for the next 10 years.

“We are expanding our commitment to our New York-based workforce, Midtown Manhattan and New York City with this extension,” a Blackstone spokesperson told Commercial Observer via email. “The Rudin organization continues to be a wonderful long-term partner to our firm. We are excited that 345 Park Avenue will remain our global headquarters.”

With the impending expansion, Blackstone’s already dominant presence in Rudin’s 1.9 million-square-foot tower would increase from 42 to 55 percent, with offices across 28 of the total 44 floors. Such a hold would rank the Blackstone deal as New York City’s largest commercial office lease since 2022, and the fourth-largest lease deal since 2019, according to CoStar.

“For over 30 years, Blackstone has proudly maintained its global headquarters at 345 Park Avenue, and we look forward to continuing this strong partnership,” a spokesperson for Rudin told Commercial Observer via email. “The decision of a premier financial services firm such as Blackstone to extend and expand its footprint is a testament to the long-term resiliency of New York City.”