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 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.