In a major Midtown East transaction, The Rudin Family has announced that its longtime tenant Blackstone, a leading investment firm, has signed a seven-year lease expansion at 345 Park Avenue.
Blackstone will now occupy approximately 575,000 square feet at the distinctive 44-story building, expanding by 148,587 square feet after completing a 426,384 square-foot lease renewal in 2014.
The firm, which has been a tenant at the property since 1988, will take four additional floors in the building, including the entire 14th floor, as well as the entire 24th through 26th floors. With the expansion, Blackstone’s total presence at 345 Park Avenue grows to 16 full floors in the building.
“We are excited to expand our footprint at 345 Park Avenue—Blackstone’s home for three decades—as the firm continues to grow to serve more clients across more product areas,” said Stephen A. Schwarzman, Blackstone chairman, CEO and co-founder. “The Rudin family has been a world-class owner of the building and we look forward to our continued close relationship in the years ahead.”
“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 Avenue,” said Bill Rudin, co-vice chairman and CEO of Rudin Management Company, the operating arm of Rudin Family holdings. “This transaction reaffirms Blackstone’s and the Rudin Family’s commitment to Midtown East, and the strength of this pre-eminent business district.”
Built in 1969 by Sam, Jack, and Lewis Rudin and designed by Emery Roth & Sons, the full-block office tower is situated between East 51st and 52nd Streets and Park and Lexington Avenues. It is 100 percent leased to prestigious tenants such as KPMG, the National Football League (NFL), Loeb & Loeb, and Rudin Management Company.
As one of the more technologically-advanced properties in the Plaza District today, the WiredScore Certified Platinum office tower currently utilizes the Nantum operating system, a smart building platform developed by Rudin’s start-up technology company, Prescriptive Data, to save money, make tenants more comfortable, and dramatically increase energy efficiency.
Neil Goldmacher of Newmark Knight Frank represented Blackstone. Tom Keating of Rudin Management Company represented building ownership.
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