Blackstone expands Manhattan HQ

As office workers continue to shun Manhattan, a leading asset manager is expanding its presence there.

Blackstone Group has signed a deal to expand its Midtown office at 345 Park Avenue by an additional 80,000 square feet, bringing its total square footage to 720,000 square feet, Bloomberg News reported. The firm, led by CEO Stephen Schwarzman and president Jon Gray, also extended its lease for an additional year, through 2028. Blackstone’s headquarters have been at the building, which is owned by Bill Rudin’s Rudin Management, for the past 34 years.

The move concludes a search that has been underway for at least seven months, when Blackstone was reportedly considering a move to a supertall office tower on Park Avenue that Rudin and Vornado Realty Trust were mulling building.

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Expanding its presence in Midtown also sends a not-so-subtle message of support for the New York City office sector at a time when its future is uncertain. In a recent survey, the vast majority of workers indicated they would prefer to work from home at least part of the time.

“The Rudins have been an outstanding partner for Blackstone since we first moved to 345 Park in 1987,” Gray said in a statement to the publication. “We are also believers in New York City’s recovery and are pleased to be a part of it.”

At the same time, some larger companies have indicated they are considering remote work on a long-term basis — despite fierce lobbying from office landlords to entice workers back.

[Bloomberg News] — Georgia Kromrei