BlackRock to pay $1.25B for lease at
50 Hudson Yards

Asset manager will move to the west side in 2023

New York /
May.May 25, 2017 05:53 PM

BlackRock will pay $1.25 billion over 20 years for its 847,000-square-foot lease at Related Companies and Oxford Properties Group’s 50 Hudson Yards development.

The company said in filings Wednesday that it will pay an average of $74 per square foot over the 20 years, but will pay a mere $60 a square foot in the first five years. Sources told Reuters that the asset manager will also have to cough up around $30 per square foot in annual operating expenses and property taxes. The lease starts in 2023.

When BlackRock TRData LogoTINY signed a preliminary agreement to move to Hudson Yards in December, it also bagged a $25 million state tax credit. BlackRock currently occupies 700,000 square feet at Fisher Brothers and Soho China’s 55 East 52nd Street and Rudin Management’s 40 East 52nd Street under lease deals expiring in 2023.

According to Cushman & Wakefield, the average Midtown office asking rent was $84.09 in April. [Reuters] — Konrad Putzier


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
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
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
David Boies and 55 Hudson Yards (Getty, Google Maps)

Boies Schiller seeks to shed Hudson Yards office space

Boies Schiller seeks to shed Hudson Yards office space
Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty)

Neiman Marcus exits bankruptcy $4B lighter

Neiman Marcus exits bankruptcy $4B lighter
Barclays CEO Jes Staley and Hudson Yards (Getty)

Barclays eyes big move to Hudson Yards

Barclays eyes big move to Hudson Yards
From left: Tishman Speyer CEO Rob Speyer, Fiorello LaGuardia and Robert Moses. Inset: Hiten Samtani and Charles Bagli (Getty Images, Wikipedia Commons)

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York
Jeff Blau and Hudson Yards (Getty, WIkipedia)

Hudson Yards’ EB-5 investors demand arbitration with Related

Hudson Yards’ EB-5 investors demand arbitration with Related
arrow_forward_ios

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

Loading...