BlackRock agrees to 20-year, 850K sf lease at Related’s 50 Hudson Yards

Money manager will receive $25 million in state tax credits for 10 years

New York /
Dec.December 08, 2016 09:00 AM

BlackRock inked a preliminary agreement to move into the Related Companies’ Norman Foster-designed 50 Hudson Yards that will give the money manager $25 million in state tax credits over the next decade.

The asset manager, which currently occupies roughly 700,000 square feet across 31 floors in Several Buildings On 52nd Street between Madison and Park avenues, has agreed to take 850,000 square feet at the Far West Side tower for 20 years, the Wall Street Journal reported.

The office will span 15 floors with most employees spread out across trading-floor style layouts. The deal also includes a 400-person auditorium. At 2.9 million square feet, the Foster & Partners-designed 50 Hudson Yards will be the largest, though not the tallest, building at Related’s megaproject.

BlackRock TRData LogoTINY, which has been headquartered on Park Avenue since its founding in 1988, plans to move to its new home in late 2022. In July, the Journal reported that Black Rock had narrowed down its search to Hudson Yards, the Durst Organization’s One World Trade Center and Brookfield Property Partners’ Manhattan West.

Empire State Development, Albany’s economic development agency, is offering the incentives in order to spur job creation. As part of the agreement, Black Rock must create 700 new jobs over the 10-year term of the tax credits. The company currently employees 2,700 people in New York and Princeton, New Jersey. [WSJ]Rich Bockmann


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
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
KKR chairman Henry Kravis, 30 Hudson Yards and Related Chairman Stephen Ross (Getty)
KKR buys Hudson Yards observation deck for $500M
KKR buys Hudson Yards observation deck for $500M
Radson Development co-founder Jacob Rad and the site of the development (Google Maps, LinkedIn via Rad)
Pair of mixed-use towers to rise at site of Hell’s Kitchen slaughterhouse
Pair of mixed-use towers to rise at site of Hell’s Kitchen slaughterhouse
Hudson Yards (Getty, iStock)
City’s bet on Hudson Yards beginning to pay off
City’s bet on Hudson Yards beginning to pay off
Peebles, Witkoff plan Hudson Yards supertall
Peebles, Witkoff plan Hudson Yards supertall
Peebles, Witkoff plan Hudson Yards supertall
Gravity CEO Moshe Cohen and Related CEO Jeff Blau (Getty, Gravity)
Related partners with electric vehicle startup to bring charging stations to NYC
Related partners with electric vehicle startup to bring charging stations to NYC
arrow_forward_ios

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

Loading...