BlackRock to Expand 50 Hudson Yards Headquarters by 50K SF
By Anna Staropoli July 31, 2024 1:15 pm
reprints
For BlackRock, 50 is a lucky number.
The asset management company will expand its New York City headquarters by more than 50,000 square feet at Related Companies’ 50 Hudson Yards, Bloomberg first reported. BlackRock currently leases 1 million square feet across 15 of the tower’s 77 floors, exceeding its 2016 commitment to occupy 850,000 square feet in the property.
Spokespeople for BlackRock and Related did not immediately respond to requests for comments, and Bloomberg did not have the terms of the deal. However, asking rents in 2022 in the tower when it opened reportedly ranged between $175 and $240 per square foot. In the first quarter of this year, asking rents in Hudson Yards and Manhattan West had an average of $138.29 per square foot, according to a Colliers report.
It’s unclear who brokered the deal. The lease term for the expanded office space is also unclear, though BlackRock signed its initial 2016 lease in the building for 20 years.
As New York City’s fourth-largest commercial tower, 50 Hudson Yards spans 2.9 million square feet and is near full occupancy, per Bloomberg. Yet, even with the expansion, BlackRock will still occupy less space than Meta, which leases 1.2 million square feet over 22 floors.
Still, 50 Hudson continues to attract new tenants, including one of its owners.
Oxford Properties — which owns Hudson Yards with Related — plans to relocate from SL Green Realty’s 450 Park Avenue to the Hudson Yards skyscraper, according to Bloomberg.
A spokesperson for Oxford Properties did not immediately respond with the square footage or asking rents for its future office space. However, Oxford’s Hudson Yards office will exceed the size of its current space by 14 percent, per Bloomberg.
Anna Staropoli can be reached at astaropoli@commercialobserver.com.
