Blackstone is on its way to acquire an additional area of 80,000 square feet at 345 Park Avenue, which will bring its overall property to approx. 720,000 square feet, according to a statement given by them. The building, owned by the Rudin family, has been the New York-based firm’s headquarters for more than 30 years.
“This expansion marks a significant commitment by one of the financial industry’s leading firms and signals an important part of New York’s recovery,” said Bill Rudin, chief executive officer of Rudin Management Company, the operating arm of Rudin Family Holdings.
Blackstone’s move is aimed at acquiring more office space in Manhattan, where the COVID-19 vaccines are being rolled out for the city.
In 2018, the company completed nearly 150,000 square feet of expansion in the building. Other notable tenants in the building include the National Football League and the global auditor KPMG.
On February 22, 2021, the real estate entity also announced the appointment of Iain Conn, former Centrica CEO, as the Senior Advisor for Sustainability Investing and Energy.
Last month, Blackstone also announced that Michael Chae, Chief Financial Officer, is scheduled to be present virtually at the 22nd Annual credit Suisse Virtual Financial Services Forum on February 25, 2021.
The firm invests across alternative asset classes on behalf of the leading institutions and pension funds. The entity claims to provide financial security, invest globally and coin a positive impact.
The deal comes months after the pandemic emptied out Manhattan, sending office workers home and pushing companies to reconsider how much office space they need.
Subleases have flooded the market in months, reducing the rents and raising concerns about the future of the office market in New York as finance firms looked elsewhere, including Florida, for space.