NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,581 FT | 92 FLOORS

[ChiND]

Originally Posted by HappyCapSlapper

Yup - They're trying to round out the equity stack now. Willing to bet their field trip included a hosting at their show space, which (funny enough) is located at One Vanderbilt and features the exact West facing view of Chrysler they'll be taking away from Marc Holliday

Didn't you used to work for SLG?

[HappyCapSlapper]

Originally Posted by ChiND

Didn't you used to work for SLG?

Yes at OVA

[ChiND]

Originally Posted by HappyCapSlapper

Yes at OVA

Given your experience in this area, do you think that JPMC has an interest in 175 Park, or did RXR just retain them to assist with financing? It seems that the remaining $1.5 to $2B that they need for financing could come from just a traditional loan. That seems to be at least what it costs to build most towers (e.g., 343 Madison, 346 Madison, 405-417 Park, 70 HY, 570 Fifth, etc.).

[HappyCapSlapper]

Originally Posted by ChiND

Given your experience in this area, do you think that JPMC has an interest in 175 Park, or did RXR just retain them to assist with financing? It seems that the remaining $1.5 to $2B that they need for financing could come from just a traditional loan. That seems to be at least what it costs to build most towers (e.g., 343 Madison, 346 Madison, 405-417 Park, 70 HY, 570 Fifth, etc.).

My understanding is that JPM doesn't have interest as an occupant / owner here for purposes of its Manhattan campus surround 270, 383, etc. Hotel Roosevelt was really a bigger target for them in that respect. Rather, JPM is likely providing its network of HNW investors / institutions to assist in their capital raise and acting in an advisory capacity for the remaining $1.5-2bn of equity needed to cover the project costs above the $4-4.5bn federal financing package. They'll make a nice $$ fee for that equity placement / advisory work but have heard anecdotally from both JPM and Blackstone teams that 175 Park is "too far south" for them as an office location.

[ChiND]

Originally Posted by HappyCapSlapper

My understanding is that JPM doesn't have interest as an occupant / owner here for purposes of its Manhattan campus surround 270, 383, etc. Hotel Roosevelt was really a bigger target for them in that respect. Rather, JPM is likely providing its network of HNW investors / institutions to assist in their capital raise and acting in an advisory capacity for the remaining $1.5-2bn of equity needed to cover the project costs above the $4-4.5bn federal financing package. They'll make a nice $$ fee for that equity placement / advisory work but have heard anecdotally from both JPM and Blackstone teams that 175 Park is "too far south" for them as an office location.

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).

[HappyCapSlapper]

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).

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.

[ChiND]

To the extent they want to stay on Park, I can't think of any sites that would have big enough floorplates for Blackstone.

I also can't imagine who the tenant is that could have agreed to 500k sf+ of space at 175 Park for $300+/sf. Maybe the former Merrill Lynch group at Bank of America. Half of those guys probably commute from New Canaan, Darien, Rye, Larchmont, Scarsdale, Bronxville, and Greenwich, so to be right at Grand Central would be ideal.

P.S.: I wonder what percentage of the Colgate-Palmolive building is occupied.

[HappyCapSlapper]

Originally Posted by ChiND

To the extent they want to stay on Park, I can't think of any sites that would have big enough floorplates for Blackstone.

I also can't imagine who the tenant is that could have agreed to 500k sf+ of space at 175 Park for $300+/sf. Maybe the former Merrill Lynch group at Bank of America. Half of those guys probably commute from New Canaan, Darien, Rye, Larchmont, Scarsdale, Bronxville, and Greenwich, so to be right at Grand Central would be ideal.

P.S.: I wonder what percentage of the Colgate-Palmolive building is occupied.

Neither can I - To be frank I think BX is shooting themselves in the foot if they in fact want to stay on park and have a next-gen Class A office. But I hope they prove me wrong and show that they are smarter than the market!

300 Park is 98% occupied with term - Colgate lease runs until 06/2033 - but it's Tishman's plan to (eventually) use the site to make their statement on Park Ave. Almost every long-term lease there has an expiration of 06/2033 - would assume that's they're target vacant possession date. But a couple run past that date so they either have a LL termination clause on those tenants or need to cut a deal

[ChiND]

Originally Posted by HappyCapSlapper

Neither can I - To be frank I think BX is shooting themselves in the foot if they in fact want to stay on park and have a next-gen Class A office. But I hope they prove me wrong and show that they are smarter than the market!

300 Park is 98% occupied with term - Colgate lease runs until 06/2033 - but it's Tishman's plan to (eventually) use the site to make their statement on Park Ave. Almost every long-term lease there has an expiration of 06/2033 - would assume that's they're target vacant possession date. But a couple run past that date so they either have a LL termination clause on those tenants or need to cut a deal

The only towers with floor plates big enough for Blackrock are 175 Park or somewhere in the HY, and I assume that they don’t want to go there.

Have you heard anything about 15 Penn? I think it will be the new MSG site. We’ll know soon.

[The New York Lion]

Originally Posted by HappyCapSlapper

Neither can I - To be frank I think BX is shooting themselves in the foot if they in fact want to stay on park and have a next-gen Class A office. But I hope they prove me wrong and show that they are smarter than the market!

300 Park is 98% occupied with term - Colgate lease runs until 06/2033 - but it's Tishman's plan to (eventually) use the site to make their statement on Park Ave. Almost every long-term lease there has an expiration of 06/2033 - would assume that's they're target vacant possession date. But a couple run past that date so they either have a LL termination clause on those tenants or need to cut a deal

Hi HappyCap.

Do you know any plans for 250 Park? I hope JPM builds a 1,000' tower there.

[Solarian]

Originally Posted by The New York Lion

Hi HappyCap.

Do you know any plans for 250 Park? I hope JPM builds a 1,000' tower there.

I wonder if they would also just try to do a big renovation like at 383 Madison

[HappyCapSlapper]

I don't have any real insight on 250 Park - NYguy and I had a dialogue about it on a separate thread somewhere. The latest I had heard was that JPM is still mulling over programming options for the site but that a full tear down and redevelopment a la 270 Park wasn't a base case plan for a couple reasons. One was its situated above the tracks/trainshed (more encumbered than other Park Ave parcels) which complicates the excavation, foundation process and needing to coordinate with MTA/City and its effect on the general development/timeline. Other reason was that many saw this as a defensive purchase by JPM to secure 270 Park's light and air in case anyone else ever tried to build a tower down the road. Believe they brought in Hines on the deal for 250 Park to manage a comprehensive redevelopment (stripping down facade, interiors, new windows, etc) and using as a hoteling location for JPM national employees / clients.

All that said - That info is all pre-Roosevelt hotel drama so it's possible that if they get shut out of that opportunity perhaps anything could be on the table at 250.

[ChiND]

I wonder if Société Générale is the tenant.

A series of articles like this appeared in January.

https://www.crainsnewyork.com/real-estat...eighs-moving-new-york-base-245-park-ave/

SocGen weighs moving New York base from 245 Park

Natalie Wong, Bloomberg
January 20, 2026

[HappyCapSlapper]

Originally Posted by ChiND

I wonder if Société Générale is the tenant.

A series of articles like this appeared in January.

https://www.crainsnewyork.com/real-estat...eighs-moving-new-york-base-245-park-ave/

SocGen weighs moving New York base from 245 Park

Natalie Wong, Bloomberg
January 20, 2026

Rumors I've heard are SocGen and/or Morgan Stanley

[ChiND]

They both make sense.

I'm now very intrigued by Blackstone. They clearly want new space since they signed only a ten-year lease. Also, 345 Park is a depressing fortress. At a minimum, it should be reclad.

In any event, despite Blackstone's apparent desire to stay on Park in the 50s, if they're not going to 175 Park, I'd love to see them anchor HYII. There is no site on Park that could accommodate their needs unless they split up their staff and occupy a few towers in a campus.

[HappyCapSlapper]

Originally Posted by ChiND

They both make sense.

I'm now very intrigued by Blackstone. They clearly want new space since they signed only a ten-year lease. Also, 345 Park is a depressing fortress. At a minimum, it should be reclad.

In any event, despite Blackstone's apparent desire to stay on Park in the 50s, if they're not going to 175 Park, I'd love to see them anchor HYII. There is no site on Park that could accommodate their needs unless they split up their staff and occupy a few towers in a campus.

I like to think they'll want to stay within Midtown East / Grand Central but possible their need for space can take them west.

Blackstone and Bloomberg have been the 800lb tunas every developer has tripped over themselves trying to convince to anchor a new office development over the past few years. Bloomberg talks all fell through once they renewed at 731 lex and everyone realized they'd do the same at their other campus offices for the next decade (120 par, 919 Third)

Blackstone, Jeffries, Blue Owl, and a few more financial tenants (incl. Socgen and MS) are the remaining darlings that everyone wants to help find a home in a shiny new tower. Cheers to that!

[ChiND]

Originally Posted by HappyCapSlapper

I like to think they'll want to stay within Midtown East / Grand Central but possible their need for space can take them west.

Blackstone and Bloomberg have been the 800lb tunas every developer has tripped over themselves trying to convince to anchor a new office development over the past few years. Bloomberg talks all fell through once they renewed at 731 lex and everyone realized they'd do the same at their other campus offices for the next decade (120 par, 919 Third)

Blackstone, Jeffries, Blue Owl, and a few more financial tenants (incl. Socgen and MS) are the remaining darlings that everyone wants to help find a home in a shiny new tower. Cheers to that!

It's good to be the Financial Capital of the World.

By the way, despite all of the leases it signed in the past few years, I would not be surprised in Bloomberg gets more new space.

[HappyCapSlapper]

Originally Posted by ChiND

It's good to be the Financial Capital of the World.

By the way, despite all of the leases it signed in the past few years, I would not be surprised in Bloomberg gets more new space.

Agree - I think by the time their renewed leases roll in 2041 they'll have their own tower.

[NYguy]

The thing about 175 Park Avenue is that it’s extremely rare to get the oppurtunity for this much office space - 2 msf - in a brand new tower in east Midtown. With the exception of JPMC’s purpose built 270 Park, there hasn’t been a tower of that size in the area since the Pan Am Building (Metlife) was constructed. That seems nuts, but it was mainly due to zoning. Even now, with the new zoning, it still remains a rare oppurtunity due to lack of sites that can accomodate the zoning to produce such a large tower. That’s just one reason I know this tower will be filled. It’s more suitable at this point for companies seeking larger chunks of space (500,000 sf or more), due to the larger floorplates - there’s nothing similar planned in Midtown East. Hudson Yards is still a competitor, especially as Related has been in talks with companies to anchor its own 2 msf+ tower there (and we know they always get somebody). But many companies will not want to leave east Midtown at all, and 175 Park will be calling, especially as construction gets underway. I’m not concerned so much with the “who” at this point.

[ChiND]

Originally Posted by HappyCapSlapper

Agree - I think by the time their renewed leases roll in 2041 they'll have their own tower.

I agree. Maybe even before then. They have the money.