Blackstone Expands to 575,000 SF at 345 Park Ave.

NEW YORK CITY—Blackstone, one of the world’s largest investment firms, has signed a seven-year lease expansion at 345 Park Ave. Blackstone will now occupy approximately 575,000 square feet at the Midtown East office tower, expanding by 148,587 square feet. This follows its 426,384 square-foot lease renewal signed in 2014.

The firm has been a tenant at the building since 1988. Under the new agreement, it will take four additional entire floors. This includes the 14th floor, as well as the 24th through 26th floors. Blackstone now occupies 16 full floors in the skyscraper. The asking rents at 345 Park Ave. were $125 per square foot.

The space which Blackstone will take over had been vacated by Deutsche Bank’s investment and asset management arm, DWS Group. In April 2018, The Real Deal reported DWS moved to 875 Third Ave. where asking rent was $82 per square foot.

“We are excited to expand our footprint at 345 Park Ave., Blackstone’s home for three decades, as the firm continues to grow to serve more clients across more product areas,” says Stephen A. Schwarzman, Blackstone chairman, CEO and co-founder. “The Rudin family has been a world-class owner of the building and we look forward to our continued close relationship in the years ahead.”

“We are very pleased that Blackstone, one of the most esteemed financial services companies in the world, which has been headquartered at our building for the last 30 years, has chosen to expand at 345 Park Ave.,” says Bill Rudin, co-vice chairman and CEO of Rudin Management Company, the operating arm of Rudin Family Holdings. “This transaction reaffirms Blackstone’s and the Rudin family’s commitment to Midtown East, and the strength of this pre-eminent business district.”

Built in 1969 by Sam, Jack, and Lewis Rudin and designed by Emery Roth & Sons, the Plaza District, 1.9 million, 44-story tower spans the full block between E. 51st and E. 52nd streets and Park and Lexington avenues. It uses a smart building platform developed by the Rudin’s start-up tech company, Prescriptive Data, and has WireScore platinum certification. The property is 100% leased. Other tenants include KPMG, the National Football League (NFL), Loeb & Loeb and Rudin Management Company.

Blackstone was represented by Neil Goldmacher and Brian Goldman of Newmark Knight Frank. The Rudin family was represented by Tom Keating of Rudin Management Company.