The Real Deal New York

Blackstone expanding into Deutsche’s old space at 345 Park

Seven-year lease expansion brings total to 575,000 square feet
By Kevin Sun | December 12, 2018 12:43PM

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.