Blackstone is looking to expand its office footprint in Manhattan by 1.5 million square feet, according to Bloomberg which cited an anonymous source in its report. The private equity giant is exploring various options including relocating from its Park Avenue headquarters, expanding there, or possibly redeveloping a building, Bloomberg said.
Depending on when it wants to execute, Blackstone will also have about 8.8 million square feet of new office product coming online this year to evaluate. This is the second highest delivery of new office space since 2007, according to research from Marcus & Millichap. So far, the majority of this space is unleased.
Two projects in the Hudson Yards district account for 5.8 million square feet of the new office space set to deliver into the market this year. Both properties are class-A in quality and highly amenitized. Another 1 million square feet of new office space is coming to the Chelsea neighborhood.
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All told, New York City has six of the largest 20 office projects due to deliver this year, a new report by CommercialCafe finds.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
