Posted Jan 14, 2016, 3:12 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,918
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Hmmmm
http://www.bloomberg.com/news/articl...rs-in-new-york
BlackRock Said to Be in the Market for New NYC Headquarters
Largest money manager said to seek 1 million square feet
Firm may be a fit for new building, such as Hudson Yards tower
David M Levit
January 13, 2016
Quote:
BlackRock Inc., the world’s largest money manager, has taken the first steps toward finding a new headquarters in New York because it expects to outgrow its two offices close to Park Avenue, a person with knowledge of the plans said.
The firm has issued a request for proposals to real estate brokers to help search for about 1 million square feet (93,000 square meters), said the person, who asked not to be named because the matter is private. BlackRock may also wind up staying where it is, the person said.
A deal for 1 million square feet would be among the largest for a New York company in the past couple of years and would make BlackRock a candidate to anchor one of Manhattan’s newest skyscrapers. Towers are under construction or planned at the Hudson Yards development zone on the far west side, at the World Trade Center in lower Manhattan and on Midtown’s east side.
There are also large-enough vacancies in existing buildings, such as at 4 Times Square and in 1271 Avenue of the Americas, the former Time & Life Building, that might accommodate the firm.
“A firm like BlackRock, looking for a million square feet at once, should have the brokerage community as well as the development community salivating,” said Aaron Jodka, senior manager for market research at CoStar Group Inc., a research firm that tracks office leasing. “A big credit tenant -- investors want that.”
“In anticipation of our current campus lease expiring in 2023, we are prudently planning for our long-term real estate needs in New York City,” said Olivia Offner, a BlackRock spokeswoman, declining to comment further.
BlackRock’s current New York offices, at 55 E. 52nd St., a building known as Park Avenue Plaza, and 40 E. 52nd St., have about 700,000 square feet combined, Offner said.
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