BlackRock zeroes in on 50 Hudson Yards for headquarters

Asset manager is considering taking 850K sf

New York /
Nov.November 10, 2016 09:40 AM

BlackRock is in talks with Related Companies to move its headquarters to 50 Hudson Yards.

The asset manager is negotiating to take 850,000 square feet at the planned 62-story office tower, the Wall Street Journal reported. The firm, which manages $5.1 trillion in assets, had also eyed Tishman Speyer’s the Spiral at 509 West 34th Street, but, according to the Journal, seems to be leaning toward Related’s property. If the deal goes through, it would be one of the biggest office leases in the city this year.

BlackRock currently leases 700,000 square feet in two buildings – Fisher Brothers and Soho China’s 55 East 52nd Street and Rudin Management’s 40 East 52nd Street. The leases expire in 2023. At last check, the average asking rents for flashy office space in Midtown was about $82 per square foot. That translates to BlackRock spending $69.7 million annually for the space at 50 Hudson Yards, though rent will likely vary.

The firm is expected to make a final decision as early as by the end of November.

A JLL team is leading the BlackRock’s search, as The Real Deal first reported in February. [WSJ]Kathryn Brenzel 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)
Facebook close to finalizing Hudson Yards office deal: report
Facebook close to finalizing Hudson Yards office deal: report
A photo illustration of Manhattan Borough President Mark Levine (Getty, Office of Mark Levine)
Map: Here’s a treasure trove of Manhattan resi development sites
Map: Here’s a treasure trove of Manhattan resi development sites
Brookfield's Bruce Flatt, 2 Manhattan West; SL Green's Marc Holliday, One Madison Avenue (Manhattan West, Getty, Brookfield, SL Green)
The 10 biggest Manhattan office leases of 2022
The 10 biggest Manhattan office leases of 2022
KKR's Henry Kravis and Meta's Mark Zuckerberg with 30 Hudson Yards (Getty, Rhododendrites, CC BY-SA 4.0 via Wikimedia Commons)
KKR takes over Meta’s large 30 Hudson Yards office
KKR takes over Meta’s large 30 Hudson Yards office
From left: The Solaire in Battery Park City; Extell’s Brooklyn Point in downtown Brooklyn; the Skyline Tower in Long Island City; The Cortland NYC; Extell Development's Gary Barnett; Related Companies' Stephen Ross (Getty, Extell Development, Google Maps, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Brooklyn, Queens gain market share in wild year for new condo sales
Brooklyn, Queens gain market share in wild year for new condo sales
Manhattan Community Board 4 chairperson Jeffrey LeFrancois and 550 West 20th Street (Getty, Google Maps)
Meet the community board calling for more housing
Meet the community board calling for more housing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...