Blackstone inks deal to expand headquarters on Park Avenue

[NEW YORK] Blackstone Group has signed a lease to expand its headquarters in Manhattan, taking more space on Park Avenue as the firm commits to stay in New York.

Blackstone will take an additional 80,000 square feet (7,432 square metres) at 345 Park Avenue, bringing its total at the property to about 720,000 sq ft, according to a statement on Thursday. The building, owned by the Rudin family, has been the New York-based firm's headquarters for more than 30 years.

With the expansion, Blackstone will now have 12 fulls floors and five partial floors at the building in midtown Manhattan. It expanded there in 2018, taking an additional 150,000 sq ft, and now has leases running until 2028, according to the statement.

The expansion 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.

Subleases have flooded the market in months, pulling down rent and raising concerns about the future of the office market in New York as finance firms looked elsewhere, including Florida, for space.

"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.

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