NEW YORK | 350 Park Avenue | 1,600 FT | 62 FLOORS

[Crawford]

Great news. Hopefully Blackstone anchors a new 350 Park Ave. supertall.

Blackstone is expanding like crazy so they'll likely need tons of space in the coming years.

[NYguy]

^ Yes, it is great news.

Blackstone is reportedly getting restless at its 345 Park Avenue office once again, eyeing options for an expansion or move.

The private equity firm is seeking 1.5 million square feet of office

That’s a pretty large fish. Oppurtunities that size don’t come around very often, even for Manhattan.

With the push for modern office space, especially post-pandemic, the new towers have all the advantages. There are plenty of proposals around, like 2 WTC. But that would be a BIG move. People don’t understand, it’s a big shift from Park Avenue to Downtown. There’s 3 Hudson on the west side still looking for a major tenant. They could follow BlackRock over to the Hudson Yards. But BlackRock’s move could be the piece that finally puts the Rudin/Vornado 350 Park in motion. Moving just across the street into a brand new Park Avenue headquarters would be on the scale of JP Morgan Chase getting a new headquarters on Park. The other option is for Rudin to somehow create more space within the existing building.

[chris08876]

Blackstone's lease termination somewhat corresponds with the projections for this tower, which seem to be 2027 if I recall. Maybe in the next two to three years we can get some commitment going, in time for the tower to be finished by late 2027/2028.

I do kind of wonder though the intra-city competition from the future Penn District. If it would say wooh them there versus an area that would command more $/sq-ft leasing wise.

[NYguy]

Originally Posted by chris08876

I do kind of wonder though the intra-city competition from the future Penn District. If it would say wooh them there versus an area that would command more $/sq-ft leasing wise.

15 Penn is something that should be completed before the target date. But that wouldn't be the issue. It's more an issue of if they would prefer a move to that up and coming district,
as opposed to staying in their long term home (though in a new tower across the street). Park Avenue still has it's pull for those that call it home, if the opportunity presents itself.

350 Park would offer about 1.7 msf of space, about the same as the 1.5 msf BlackStone is reportedly looking for. It could be their signature tower.

175 Park Avenue presents another attractive alternative. Rudin being their current long term landlord, I think could sweeten the pot at 350 not to lose a 1.5 msf tenant.








I was thinking about the new Park Avenue earlier today as I walked up the street. This tower would making a great companion to the rising 270 Park....


MARCH 25, 2022

[Busy Bee]

Wow, a gif !

[dc_denizen]

nice, not a boring box

[NYguy]

Originally Posted by dc_denizen

nice, not a boring box

It’s likely the design won’t be exactly what we’ve seen. The question is how much it will differ from early renderings. Do they keep the double spires, for example.

[MAC123]

Hopefully it keeps this height. If built as is it will be taller than 111 West 57th Street.

[NYguy]

The New York-based private equity firm is hunting for roughly 1.5 million square feet (140,000 square meters) of space as it considers relocating from its longtime headquarters on Park Avenue, according to people familiar with the matter.

As it explores its options, Blackstone is looking at sites across Manhattan and could opt to redevelop a building given how much space it needs. The firm may also end up expanding at 345 Park….

Went back and looked at it, and there’s no way they’re getting 1.5 msf at 345 Park (slightly more than double what they have now, at 720,000 sf). The building is full, and that would mean a major push to get tenants like KPMG, which has nearly as much space, elsewhere. KPMG was also seen as a potential tenant for this tower.

[JMKeynes]

Originally Posted by NYguy

https://www.surfacemag.com/articles/...-rezoning/amp/

The Ever-Shrinking Chrysler Building
Thanks to New York's Midtown East rezoning plan, a spate of supertalls are underway that will completely overwhelm the once-dominant Chrysler Building.


RYAN WADDOUPS

I really hope that this is accurate. Crazy Steve Roth acts at the Board Meetings like this is a project for twenty years from now and that he’s only interested in the Penn Station area at the moment:

“… Meanw

Originally Posted by NYguy

https://www.surfacemag.com/articles/...-rezoning/amp/

The Ever-Shrinking Chrysler Building
Thanks to New York's Midtown East rezoning plan, a spate of supertalls are underway that will completely overwhelm the once-dominant Chrysler Building.


RYAN WADDOUPS

I really hope that the bold quote below is accurate. Crazy Steve Roth acts at the Board Meetings like this is a project for twenty years from now and that he’s only interested in the Penn Station area at the moment. I could see Morgan Stanley wanting to anchor this.

“… Meanwhile, Vornado Realty is working on securing approvals for the 1,450-foot-tall 350 Park Avenue, also by Foster + Partners.”hile, Vornado Realty is working on securing approvals for the 1,450-foot-tall 350 Park Avenue, also by Foster + Partners.”

[chris08876]

I believe there will be a lot of movement around Midtown as leases expire. Considering your average 3-5 year time frame for them. 350 Park should be in good company in due time.

I think 270 Park will be what One57 was to Billionaire Row.

Although with the future pipeline the way it is, sucks for Downtown. I'd like to see more movement down there, Midtown is having all of the fun.

[NYguy]

^ I would say that would be One Vanderbilt. 270 Park is often stated as the first to come out of the rezoning, but that’s just a technicality. Both One Vanderbilt and 343 Madison Avenue were approved on the Vanerbilt Corridor rezoning that was taken out of the larger rezoning because Vandy needed to get moving. But all of these buildings, along with 425 Park Avenue are symbols of a new era in Midtown east.

[Raysiri]

This is great news.

[DCReid]

Originally Posted by JMKeynes

I really hope that this is accurate. Crazy Steve Roth acts at the Board Meetings like this is a project for twenty years from now and that he’s only interested in the Penn Station area at the moment:

“… Meanw

I really hope that the bold quote below is accurate. Crazy Steve Roth acts at the Board Meetings like this is a project for twenty years from now and that he’s only interested in the Penn Station area at the moment. I could see Morgan Stanley wanting to anchor this.

“… Meanwhile, Vornado Realty is working on securing approvals for the 1,450-foot-tall 350 Park Avenue, also by Foster + Partners.”hile, Vornado Realty is working on securing approvals for the 1,450-foot-tall 350 Park Avenue, also by Foster + Partners.”

Let's cross our fingers that this proposal does not get a capricious cut in height, like 175 Park Avenue did, by the approval councils, especially after such an article.

[JMKeynes]

I’d be elated with this even if it’s 1,100 or 1,200 feet tall. I love the design. 1,400’+ would be nice though.

[NYguy]

Originally Posted by DCReid

Let's cross our fingers that this proposal does not get a capricious cut in height, like 175 Park Avenue did, by the approval councils, especially after such an article.

Well, 175 Park had a very specific set of circumstances. (That still didn't justify a height cut). This proposal is more of a "pay your money and build" situation, much like One Vanderbilt. The only reason it will go through an approval process at all is because that's just the way it's set up, unlike in the Hudson Yards where they pay and build, no need to repeat a show you've already had.

[JMKeynes]

The Greatest City in the World!!!!

https://therealdeal.com/2022/06/08/v...supertall/amp/

Vornado, Rudin court Citadel for Midtown supertall
Ken Griffin’s firm eyed as anchor tenant, equity investor in office project
New York

Jun. 08, 2022 07:00 AM

[Crawford]

Fantastic news. Would be great for the city and the skyline if this goes through.

[NYguy]

Originally Posted by JMKeynes

The Greatest City in the World!!!!

https://therealdeal.com/2022/06/08/v...supertall/amp/

Vornado, Rudin court Citadel for Midtown supertall
Ken Griffin’s firm eyed as anchor tenant, equity investor in office project
New York

Jun. 08, 2022 07:00 AM

One way or the other, this is happening.

Vornado Realty Trust and Rudin Management are in conversations with Ken Griffith about his investment firm Citadel becoming an anchor tenant and an investor in the developers’ supertall office tower planned for Park Avenue, sources said.

The 1,450-foot-tall, 1.68-million-square-foot tower is getting closer to reality but is still years away from opening. Vornado owns the office building at 350 Park Avenue, which takes up the entire blockfront from East 51st to East 52nd streets and would be razed to make way for the unnamed tower.

[JMKeynes]

In one of the Vornado conference calls you posted, Roth said something like 350 Park is a long-term project and his focus now was the Penn area. I thought that was insane. 350 and Rudin’s building will be virtually empty, and this site has the potential to be the next GM Building (ie, the Uber-prestigious address).

It appears that he may be coming to his senses. Want the accounting firm in Rudin’s tower across the street another possible tenant?

There is no city in the US (and few in the world) that compares to Gotham!!!