Blackstone Group is expanding its Park Avenue footprint by more than 250,000 square feet at one of Rudin’s core holdings.
Rudin Management, led by co-CEOs Michael Rudin and Samantha Rudin Earls, announced a deal Wednesday to expand and extend Blackstone’s lease for its global headquarters at 345 Park Avenue. News of the lease was first reported by Business Insider in June.
The expansion will bring Blackstone’s global headquarters up to 1.06 million square feet of office space across 28 floors and its total New York City presence to 1.4 million square feet. The massive asset manager is one of New York City’s largest office tenants.
“We are expanding our commitment to our New York-based workforce, Midtown Manhattan and New York City with this extension,” said Michael Chae, Blackstone’s CFO, in the announcement.
When the deal first came to light, The Real Deal reported that Blackstone needed more space for the company’s rapidly growing workforce. Its last expansion at 345 Park took place just three years ago, adding 80,000 square feet to its lease.
Blackstone, headed by CEO Stephen Schwarzman and president Jon Gray, is the world’s largest commercial real estate owner. Its tenure at the Midtown East tower began humbly, in 1988, on just two floors.
The 44-floor tower was built by the Rudin family in the late 1960s and hosts other tenants including the National Football League, Loeb & Loeb, and Rudin itself.
“The decision of a premier financial services firm such as Blackstone to expand its footprint is a testament to New York City’s continued allure and resiliency,” said Michael Rudin, co-CEO of Rudin, in a statement.
Rudin also announced it would add amenities including a fitness center and food and beverage offerings, to be completed in 2026.
Asking rent on the new and renewed space was not disclosed. Peter Riguardi and Joe Messina at JLL represented Blackstone. A Rudin team including Tom Keating and Rob Steinman represented the landlord.
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