BlackRock expands at Park Avenue Plaza

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

TRD New York /
Feb.February 24, 2015 01:22 PM

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.


Related Articles

arrow_forward_ios

Here’s what the $10M-$20M NYC investment sales market looked like last week

What BlackRock’s leadership shakeup means for real estate

National Cheat Sheet: HomeServices named largest US resi brokerage, housing starts hit 8-month low… & more

BlackRock makes billion-dollar bet on real estate analytics

Private equity firm relocating from Lever House to Third Avenue

BlackRock bets on brokerages with upped investment in RE/MAX

A $12B fintech firm is relocating to
Fisher Brothers’ 605 Third

Owner of Quality Meats inks 20-year lease at 1345 Sixth Avenue

arrow_forward_ios