The Real Deal New York

Blackstone expands to 90K sf at Boston Properties’ 601 Lex

Private equity giant grew out of headquarters at 345 Park Avenue

July 08, 2015 12:45PM

601 Lexington Avenue and Jonathan Gray

601 Lexington Avenue and Blackstone Group’s head of real estate Jonathan Gray

Private equity behemoth Blackstone Group is set to expand into Boston Properties’ 601 Lexington Avenue with a 90,000-square-foot lease.

The firm signed on for 30,000 square feet on the 17th floor in February, and recently picked up its options on the 15th and 16th floors, for another 59,600 square feet, according to the New York Post.

Starting rent for the February deal was $78.50 per square foot.

Blackstone’s New York City headquarters is in 345 Park Avenue, near Lexington Avenue and just one block south. The new location at 601 Lexington Avenue is situated between 53rd and 54th streets.

Newmark Grubb Knight Frank’s Neil Goldmacher represents Blackstone, and Boston Properties is represented by JLL’s David Kleiner, Cynthia Wasserberger and Frank Doyle.

In June, Blackstone purchased a Flushing retail complex for $400 million. In the spring, it acquired most of General Electric’s $30 billion real estate portfolio along with Wells Fargo. [NYP] — Tess Hofmann