Blackstone expanding into Deutsche’s old space at 345 Park

Seven-year lease expansion brings total to 575,000 square feet

TRD New York /
Dec.December 12, 2018 12:43 PM

Bill Rudin (blue), Stephen Schwarzman(red), and 345 Park Avenue (Credit: Blackstone)

Earlier this year, Deutsche Bank‘s asset management spinoff DWS Group relocated from its offices at 345 Park Avenue to another Midtown East location. Now that vacated office space has been scooped up a former neighbor.

Rudin Management, which owns the building, announced today that the building’s major tenant, Blackstone Group, has signed a seven-year lease expansion for an additional 149,000 square feet across four floors, expanding the investment firm’s presence in the building to 16 full floors. The asking rent was $125 a square foot.

Neil Goldmacher of Newmark Knight Frank represented Blackstone in the deal.

DWS Group had occupied the space since 2001 when it acquired the previous tenant, Scudder Investments.

The 44-story full-block office tower also counts Big Four auditor KPMG, the National Football League, and Rudin Management itself among its tenants.

Deutsche Bank’s departure from 345 Park Avenue was part of a larger rearrangement of its office space in the city. Last week, the bank inked a 1.1-million square foot lease at Time Warner Center, which will be renamed the Deutsche Bank Center.


Related Articles

arrow_forward_ios
Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

A&E Real Estate Holdings principal Douglas Eisenberg and the properties (Credit: The Rego Park 18 Portfolio)

Deutsche Bank provided A&E $97M in financing for big Rego Park buy

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

Jonathan Gray

Moving out: Blackstone sells remaining stake in Invitation Homes

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

arrow_forward_ios