Blackstone Expands Manhattan Lease to 575 KSF

By IvyLee Rosario

345 Park Ave.

Blackstone has expanded its lease at one of Rudin Management Co.’s Manhattan office properties. The firm has been a tenant at 345 Park Ave. since 1988, occupying 426,384 square feet. Blackstone will now expand an additional four floors totaling 148,587 square feet on the 14th floor, as well as the 24th through 26th.

The expansion is for the next seven years, bringing Blackstone’s presence at the tower to 16 floors totaling 575,000 square feet. Constructed in 1969 by Sam, Jack and Lewis Rudin, the Emery Roth & Sons-designed building comprises 1.9 million square feet across 44 stories. The tower is a full block located between East 51st Street, East 52nd Street, Park Avenue and Lexington Avenue. The property is 100 percent leased to additional tenants including KPMG, Loeb & Loeb, the National Football League and Rudin Management Co. The building is certified WiredScore Platinum and uses a smart building platform developed by Rudin’s start-up subsidiary Prescriptive Data, to increase energy efficiency. 

“We are very pleased that Blackstone, one of the most esteemed financial services companies in the world, which has been headquartered at our building for the last 30 years, has chosen to expand at 345 Park Ave.,” said Bill Rudin, co-vice chairman & CEO of Rudin Management Co., in a prepared statement. “This transaction reaffirms Blackstone’s and the Rudin Family’s commitment to Midtown East, and the strength of this pre-eminent business district.”

Newmark Knight Frank’s Chairman Neil Goldmacher and Vice Chairman Brian Goldman represented Blackstone in the lease negotiations, while Rudin Management Co.’s Senior Vice President Tom Keating represented the owner. 

Image courtesy of Rudin Management Co.