Blackstone Expanding Manhattan HQ to 1M SF
Firm to occupy 28 floors of 345 Park Avenue, extend lease through 2034.
Blackstone is increasing its headquarters to more than 1M SF at 345 Park Avenue and extending the lease on the space through the end of 2034.
The private equity giant is finalizing the largest Manhattan office lease deal of 2024—or any year in recent memory—to take 28 floors encompassing 1.06M SF in Rudin’s tower, Bloomberg reported.
With the expansion and extension of its 750K SF lease at the 1.9M SF tower, Blackstone will now occupy 55% of the building, where it has been a tenant since 1988. The deal is a six-year extension of the lease.
Rudin will be upgrading amenities including a fitness center, the report said.
Blackstone, which has grown its workforce to more than 4,700 employees, will have an overall Manhattan office footprint of close to 1.4M SF with the new deal at 345 Park Avenue. The firm also occupies 330K SF at 601 Lexington Avenue, where it added 200K SF in one of the largest leases of 2022.
In a statement, Rudin hailed Blackstone’s expansion as a benchmark for the “long-term resiliency” of NYC.
“For over 30 years, Blackstone has proudly maintained its global headquarters at 345 Park Ave., and we look forward to continuing this strong partnership,” a Rudin spokesperson said. “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.”
“We are expanding our commitment to our New York-based workforce, midtown Manhattan and New York City with this extension,” a Blackstone spokesperson said in statement emailed to Bloomberg.
Blackstone’s original footprint at 345 Park Avenue in 1988 began with two floors encompassing 70K SF. The building opened in 1969.
Down the street from Blackstone’s Park Avenue HQ, a supertall under construction at 270 Park Avenue will be the new headquarters of JPMorgan Chase when it is completed next year.
Bloomberg’s extension of its 947K SF lease at 731 Lexington Avenue and Bain & Co.’s new 235K SF lease at 22 Vanderbilt Avenue pushed Manhattan’s total office leasing volume up to 2.98M SF in May, an 8.4% increase over April’s total of 2.75M, according to a market report from Colliers.