Blackstone Expands By 200K SF At Boston Properties’ Midtown Tower

601 Lexington Ave.

Blackstone is making a major expansion of its Manhattan office space, more than doubling its presence on Lexington Avenue.

The company is adding 200K SF to its location at 601 Lexington Ave., where it has its technology and innovations group, Bloomberg reports, citing anonymous sources. With this expansion, the company will have 300K SF in the building.

The deal, which runs through to 2028, follows reports that the firm is looking for about 1.5M SF of office space, which could either mean a new headquarters or expanding at its current HQ at 345 Park Ave.

The lease comes as many workplaces weigh how they will make use of their office space, as workers increasingly opt to incorporate remote work into their office use at least some of the time.

New York City office leasing has picked up significantly since the onset of the pandemic, but availability is still increasing, reaching nearly 20% in Manhattan early in 2022. Increasingly, there are questions about older, Class-B office buildings. Blackstone itself handed back the keys to its lender at 1740 Broadway, an art deco office building just north of Times Square, earlier this year.

But office proponents point to expansions and big-name firms committing to a workplace presence in the city. JPMorgan Chase, for example, just revealed its plans for its 2.M SF upcoming headquarters at 270 Park Ave., while SL Green’s One Vanderbilt is now almost completely leased up.

“As you look at the vibrancy of the city — and yes, there are all sorts of issues and all sorts of problems that certainly need to be addressed over time — [but] I do think that the creative nexus that is here will continue to grow and thrive,” CBRE Executive Vice President Lauren Crowley Corrinet said on Bisnow’s podcast this week.

Newmark brokered the deal at 601 Lexington Ave. for Blackstone, per Bloomberg.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

NYC Lawmakers Consider Mandating Lease Extensions For Retailers

NYC Pushes To Use Opportunity Zone 2.0 For Mamdani's Housing Goals

Defense Tech Firms Setting Up Shop In Trump Family's Palm Beach Orbit

Google Delays Thompson Center Opening To 2028, Releases New Renderings

Where Capital Meets Opportunity: Navigating The Next Wave Of CRE Financing At Bisnow’s Event On Sept. 30

Discussing Strategic Capital Stack Structuring At Bisnow's Sept. 30 National Finance Event

Why Top-Secret Facilities Are Permeating Greater D.C.'s Office Market

DivcoWest Sells Glendale Office Building For $70M

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Hines And Rialto Close Office Credit Fund At $1.1B