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BlackRock, the investment giant that has been a mainstay of Park Avenue since its founding nearly 30 years ago, is moving west, and The Related Cos and Oxford Property Group will welcome them.
The firm's search for an 850k SF lease starting when its current deal expires in 2023 will likely end with the planned 50 Hudson Yards skyscraper, the Wall Street Journal reports. It was also considering Tishman Speyer's planned Spiral skyscraper nearby.
50 Hudson Yards would follow its office compatriots 10, 30 and 55 Hudson Yards on the east side of the mammoth development, and it's currently planned as the biggest office tower of them all, with 2.9M SF, beating out 30 Hudson Yards' 2.6M SF. 10 Hudson Yards opened in May.
Although it's not exactly surprising that the world's largest money manager plans to move away from the traditional heart of Midtown, it is always remarkable when we are reminded of just how much NYC's office market has changed.
BlackRock could announce its decision before the end of the year. Once they do, you can bet 50 Hudson Yards will start to warrant more than just a cursory mention in Hudson Yards' promotional materials: it's currently not even mentioned on the development's website. [WSJ]
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