Blackstone Signs Deal To Double Office Space

Blackstone Signs Deal To Double Office Space In New York

USA – Blackstone has inked a lease to significantly increase its workspace in midtown Manhattan, making it one of the latest firms to bet on the recovery of New York’s office market as its headcount expands, reported Bloomberg on Saturday morning (16 April, SGT).

As a matter of fact, the American investment giant is expanding by over two-fold its office space at 601 Lexington Avenue, an office building that contains its technology and innovations division.

In particular, the company is leasing an additional 200,000 sq ft of workspace at the commercial property, increasing its overall real estate footprint in the office tower to over 300,000 sq ft.

The office rental transaction is a great boon for Manhattan’s office sector, which has been greatly impacted by COVID-19 pandemic. Although many office tenants have been downsizing their office space amidst the hybrid work era, several blue-chip finance and technology companies are looking for new offices as they hire more manpower.

Bloomberg reported in March that the New York-based investment firm has been considering a much bigger property expansion in the city, looking for about 1.5 million sq ft of office space to accommodate its rising workforce in the region.

Over a year ago, Blackstone increased its workspace at its HQ in midtown Manhattan, 345 Park Avenue. And sources revealed that the investment giant’s lease at 601 Lexington Avenue is until 2028.

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