Blackstone, the world’s largest alternative asset manager, is expanding and extending its long-time global headquarters lease at 345 Park Ave., announced building owner/manager Rudin.
With the agreement, Blackstone is expanding by 250,644 square feet of office space in the Plaza District tower and extending its existing lease for an additional five years through 2034. Blackstone’s total footprint will now span approximately 1.06 million square feet across 28 floors at 345 Park Ave., and 1.4 million square feet in New York, making it the city’s seventh largest commercial office tenant, according to Rubin. Blackstone executed its original two-floor, 70,000 square foot lease at 345 Park Avenue in 1988.
“We are expanding our commitment to our New York-based workforce, Midtown Manhattan and New York City with this extension,” said Michael Chae, chief financial officer of Blackstone. The Rudin organization continues to be a wonderful long-term partner to our firm and we look forward to providing our employees with new first-class amenities.”
As part of Blackstone’s expansion, Rudin will be adding a new amenity package at 345 Park Ave., including a fitness and wellness center and multiple food and beverage offerings. These new spaces are expected to be completed in 2026.
The 44-story, 1,900,000-square-foot building was designed by Emery Roth & Sons and opened in 1969. Other major tenants at the property include the National Football League (NFL), Loeb & Loeb and Rudin. In 2021, Rudin completed a full renovation of 345 Park’s lobby and concourse. Designed by Skidmore, Owings and Merrill, the capital improvement program included the installation of new escalators connecting the Park and Lexington Avenue levels, new turnstiles with touchless entry, new elevators with touchless calls and new lighting.
Building ownership was represented by Tom Keating, Rob Steinman and Kevin Daly of Rudin in the transaction. Blackstone was represented by Peter Riguardi, Joe Messina, Jessica Berkey, William McGarry, Hale King, Cynthia Wasserberger and Carlee Palmer of JLL, and Jonathan Mechanic and Jen Yashar of Fried Frank.
