Morgan Stanley to Move Into Park Avenue Plaza as BlackRock Relocates
By Mark Hallum January 5, 2022 12:16 pm
reprints
Morgan Stanley plans to take over BlackRock’s 400,000-square-foot office space in Park Avenue Plaza at 55 East 52nd Street via a 15-year lease, Bloomberg reported.
BlackRock had planned to vacate the 12 floors it has in Fisher Brothers’ Park Avenue Plaza as it will relocate its headquarters to 50 Hudson Yards once its lease expires in April 2023.
CBRE (CBRE)’s Howard Fiddle, Peter Turchin, Roger Griswold, Christie Harle and Benjamin Joseph represented Fisher Brothers, but the firm declined to comment further.
The news follows a refinance deal at Park Avenue Plaza between Fisher Brothers and Morgan Stanley (MS) for $575 million with the bank originating $460 million in a 10-year, interest-only first mortgage, which was accompanied by a $115 million mezzanine loan, Commercial Observer previously reported.
The building consists of 44 stories and spans 1.2 million square feet that was 99 percent leased as of October, according to Moody’s Investor Services.
Morgan Stanley also declined to comment, and while it already has some space at 55 East 52nd Street, its main headquarters is in Times Square at 1585 Broadway. It’s unclear whether or not it will keep that space.
The deal comes after asset management firm Jennison Associates signed a lease in March for 120,809 square feet on floors 24 through 27, as CO previously reported.
Morgan Stanley was represented by JLL (JLL), which did not immediately respond to a request for comment. Fisher Brothers didn’t either and BlackRock declined to comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
