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
Coinbase CEO Brian Armstrong and 55 Hudson Yards (Getty, Godsfriendchuck/Wikimedia)
Coinbase opening first NYC office at 55 Hudson Yards
Coinbase opening first NYC office at 55 Hudson Yards
The Vessel at Hudson Yards (Getty)
Vessel will reopen at Hudson Yards — with $10 fee, new security
Vessel will reopen at Hudson Yards — with $10 fee, new security
From left: Furnished Quarters' Steven (left) and Gary Brown with 315 West 33rd Street (left) and 158 West 27th Street (Furnished Quarters, CityRealty, CityFeet)
Landlords sue hospitality stalwart Furnished Quarters
Landlords sue hospitality stalwart Furnished Quarters
Close to 80 hotels with more than 13,000 rooms plan to open in 2021. (iStock)
Big year seen for hotel openings, despite few visitors
Big year seen for hotel openings, despite few visitors
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
arrow_forward_ios

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

Loading...