By: Hadassa Kalatizadeh

Blackstone is working to finalize a deal to expand its global headquarters by an impressive 250,000 square feet.

Known as the world’s largest commercial real estate owner, Blackstone, has its headquarter at 345 Park Avenue. The renowned asset manager, led by Stephen Schwarzman, already boasts occupying some 42% of the commercial tower. The imminent deal would bring Blackstone’s occupancy at the tower up to 1.06 million square feet, as per the NY Post. The expansion is big news not only as Midtown Manhattan office real estate continues to struggle post-pandemic, but demonstrates renewed strength for business across the country.

As reported by Crain’s NY, the deal would be one of the city’s largest office leases in recent years. The deal would not only expand Blackstone’s footprint, but also extend the terms of the lease by six years, till the end of 2034, said a source for Crain’s who did not wish to be identified. If the deal is inked, Blackstone will occupy about 55% of the Park Ave building, spread across 28 floors. JLL’s Peter Riguardi is representing Blackstone in the expansion and extension.

“We are expanding our commitment to our New York-based workforce, midtown Manhattan and New York City with this extension,” said a Blackstone spokesperson, in an emailed statement. “We are excited that 345 Park Ave. will remain our global headquarters.”

The 44-story, 634-foot skyscraper at 345 Park Ave by Rudin Management, occupies an entire city block bounded by Park Avenue, Lexington Avenue, 51st Street, and 52nd Street. The 1.9 million square foot building, opened in 1969, boasts design by Emery Roth & Sons and offers impressive views across Midtown, Central Park, the Upper East Side, and the East River. Other notable tenants at the tower include: Consulate General of Ireland, Capital Trust, Deutsche Bank, KPMG the National Football League, JP Morgan Chase, and Rudin Management itself.

The lease deal would include talks to enhance the buildings’ facilities with added amenities such as a fitness center. “For over 30 years, Blackstone has proudly maintained its global headquarters at 345 Park Ave., and we look forward to continuing this strong partnership,” a Rudin spokesperson said. “The decision of a premier financial services firm such as Blackstone to extend and expand its footprint is a testament to the long-term resiliency of New York City.”