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
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
Mark Zuckerberg with 55 and 30 Hudson Yards
Meta to cut Hudson Yards office space
Meta to cut Hudson Yards office space
From left: Ilitch Holdings' Chriistopher Ilitch and Related Companies' Stephen Ross with 2250 Woodward Avenue
Ilitch, Ross propose $1.5B Detroit development
Ilitch, Ross propose $1.5B Detroit development
Related Companies' Stephen Ross with One Flagler, 360 Rosemary, and 515 Fern (Getty, Related Companies)
Mapping out Steve Ross’ South Florida empire
Mapping out Steve Ross’ South Florida empire
Vanguard's Mortimer Buckley, Compass' Robert Reffkin and BlackRock's Larry Fink (Getty, Vanguard, Compass)
Vanguard, BlackRock increase stake in Compass
Vanguard, BlackRock increase stake in Compass
Anywhere'sRyan Schneider and Angelo Gordon's Adam Schwartz and Josh Baumgarten (Anywhere, Angelo Gordon)
Here’s who’s in, and who’s out, of Anywhere’s falling stock
Here’s who’s in, and who’s out, of Anywhere’s falling stock
arrow_forward_ios

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

Loading...