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Blackstone Clean Energy Company Nabs Midtown Space for Second NYC Digs

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Blackstone portfolio company Transmission Developers, which develops clean energy transmission projects, has secured space for a second New York City office, Commercial Observer has learned.

The company, which has offices in New York City, Albany and Vermont, took the entire 14,500-square-foot 20th floor at Cohen Brothers Realty‘s 623 Fifth Avenue, between East 49th and East 50th streets, according to the landlord’s in-house broker, Marc Horowitz.

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Transmission signed a five-year lease Dec. 20 for space in the 36-story building, per Horowitz. The asking rent was $87 per square foot. 

The Blackstone company will move into the space in the second quarter. The office was formerly occupied by Doral Bank, which folded its U.S. presence in 2015 but remained in the building to wind down its national operations, Horowitz said.

Transmission is focused on developing two projects: the Champlain Hudson Power Express (CPHE), a renewable energy transmission line from the U.S.-Canada border to Queens, and the New England Clean Power Link transmission line in Vermont that will serve the New England market, according to a spokesperson for Transmission.

The new Manhattan office will house the company’s employees in the New York City area in addition to its base at 1301 Avenue of the Americas between West 52nd and West 53rd streets, the Transmission spokesperson said.

Furthermore, the new Gotham digs will be used for “project managing and spearheading the complex construction required to build the CPHE transmission line,” according to CBRE‘s Reeves McCall, who along with Christopher Corrinet represented Transmission Developers in the deal.

Transmission liked the tower’s “central” location for its proximity to public transportation, McCall said. In addition, the company appreciated the “natural light and direct views down to the Rock Center plaza and skating rink.” Plus the “efficient” floor plate will allow for “a number of windowed offices, as well as open seating, without overwhelming the space and maintaining great circulation,” McCall said.

 Blackstone Clean Energy Company Nabs Midtown Space for Second NYC Digs

Other tenants in the 400,000-square-foot building include MTS Health Partners, an investment bank to the health care industry; computer programming solutions firm HCL America; and Kaneka, a chemical manufacturing company.