Rudin, a full-service real estate organization, and one of New York City’s largest private owners, operators, and developers of first-class real estate, announced today that Blackstone (NYSE: BX), the world’s largest alternative asset manager, is expanding and extending its long-time global headquarters lease at 345 Park Avenue.
With this 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 Avenue, and 1.4 million square feet in New York, making it the City’s 7th largest commercial office tenant. Blackstone executed its original two-floor, 70,000 square foot lease at 345 Park Avenue in 1988.
Michael Chae, Chief Financial Officer of Blackstone, said, “We are expanding our commitment to our New York-based workforce, Midtown Manhattan and New York City with this extension. 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. We are excited that 345 Park Avenue will remain our global headquarters.”
“We are thrilled to extend our long-term partnership with Blackstone, which has proudly maintained and consistently grown its global headquarters at 345 Park Avenue for well over three decades,” said Michael Rudin, Co-CEO of Rudin. “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.”
As part of Blackstone’s expansion, Rudin will be adding a new amenity package at 345 Park Avenue, including a fitness and wellness center and multiple food and beverage offerings. These new spaces are expected to be completed in 2026.
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.
345 Park Avenue is WiredScore Platinum and utilizes Nantum OS, the world’s most advanced building operating system. Nantum OS is the flagship product of Nantum AI, a privately held smart building automation company focused on using artificial intelligence to improve efficiency, decrease carbon emissions and optimize tenant comfort.
345 Park Avenue is situated between East 51st and 52nd Streets and Park and Lexington Avenues. 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.
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.
“This transaction is a powerful endorsement of New York City’s continued status as a premier global business hub,” said Riguardi. “Blackstone’s commitment powerfully demonstrates the resilience and enduring appeal of the Park Avenue office corridor, and we are delighted to have worked with them and Rudin to complete this significant transaction.”
About Rudin
Rudin is a full-service real estate organization, and one of New York City’s largest private owners, operators and developers of best-in-class real estate. Among its real estate holdings are 15 commercial office buildings containing approximately 10.1 million square feet of space and 17 apartment buildings comprising over four million square feet of residences. For more information about Rudin, please visit https://www.rudin.com/.
