The Real Deal New York

BlackRock expands at Park Avenue Plaza

Asset management giant takes another full floor at Fisher, Soho China's tower

February 24, 2015 01:22PM
By Hiten Samtani

Laurence Fink and Park Avenue Plaza at 55 East 52nd Street (Credit: CoStar)

Laurence Fink and Park Avenue Plaza at 55 East 52nd Street (Credit: CoStar)

The world’s largest asset manager is once again expanding its footprint at Park Avenue Plaza. BlackRock, which took over the full 26th floor at the 44-story tower last year, is now adding the full 27th floor, The Real Deal has learned.

BlackRock, headed by Laurence Fink, will pay rents starting at just shy of $100 per square foot in the eight-year, 31,000-square-foot deal, according to CompStak data. The 1.2 million-square-foot property, located at 55 East 52nd Street, is also home to consulting giant McKinsey & Company and insurance firm Swiss Re.

The landlord, a partnership between Fisher Brothers and Soho China, was represented in-house by Fisher Brothers’ Marc Packman. Cushman & Wakefield’s Donald DiRenzo Sr. represented BlackRock. Packman declined to comment, and DiRenzo couldn’t be reached.

Soho China, headed by development magnate Zhang Xin, reportedly paid $600 million for a 49 percent stake in the property in 2011. The partners announced a $35 million renovation of the ground level in 2014.

Soho China is also a part owner of the GM Building at 767 Fifth Avenue.

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