Lease Beat

Blackstone Expands Monster Lease at 345 Park Avenue

Blackstone has reportedly renewed and expanded its lease at Rudin Management’s 345 Park Avenue for a combined 489,495 square feet.

240px 345park Blackstone Expands Monster Lease at 345 Park Avenue

345 Park Avenue.

The New York Post reported that the deal extends the global investment and advisory firm’s stay to at least 2027 and adds the 38,846-square-foot 27th floor, with additional expansion rights.

Neil Goldmacher and Mark Weiss of Newmark Grubb Knight Frank represented the firm, but the brokers declined comment. Tom Keating represented Rudin Management in-house but he could not be reached.

The firm was founded in 1985 by Chairman and CEO Stephen Schwarzman and now-retired Senior Chairman Peter Peterson. The firm has more than 2,000 employees in 24 offices worldwide, but with a portfolio of companies that employ more than 600,000 people across the globe, according to the firm’s website.

The firm states it holds $272 billion in assets for public and corporate pension funds, academic, cultural and charitable organizations, with a range of funds that invest around the world in private equity, real estate, credit and hedge funds.

The 44-story 345 Park Avenue is a 634-foot tall building that occupies a full city block between Park, Lexington Avenues and 51st and 52nd Streets.

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