BLACKSTONE Group has signed a lease to expand its headquarters in Manhattan, taking more space on Park Avenue as the firm recommits to staying in New York.
Blackstone will take an additional 80,000 sq ft (7,432 sq m) at 345 Park Avenue, bringing its total at the property to about 720,000 sq ft, according to a statement on March 11. The building, owned by the Rudin family, has been the New York-based firm's headquarters for more than 30 years.
"The Rudins have been an outstanding partner for Blackstone since we first moved to 345 Park in 1987," Jon Gray, Blackstone's president, said in a statement. "We are also believers in New York City's recovery and are pleased to be a part of it."
Blackstone's initial lease at the building was for two floors, totalling roughly 60,000 sq ft. It was signed after founder Stephen Schwarzman ran into landlord Lewis Rudin near the property and expressed frustration about not being able to find space for the firm.
With the recent expansion, Blackstone will now have 12 full floors and five partial floors at the building in midtown Manhattan. It also added a year to its lease, which now runs through 2028, according to the statement.
The deal comes roughly a year after the pandemic emptied out Manhattan, sending office workers home and pushing companies to reconsider how much office space they need. BLOOMBERG