The Real Deal: BlackRock expands at Park Avenue Plaza

By Hiten Samtani on February 24, 2015.
The world’s largest asset manager is once again expanding its footprint at Park Avenue Plaza. BlackRock, which took over the full 26th floor at the 44-story tower last year, is now adding the full 27th floor, The Real Deal has learned.

BlackRock, headed by Laurence Fink, will pay rents starting at just shy of $100 per square foot in the eight-year, 31,000-square-foot deal, according to CompStak data. The 1.2 million-square-foot property, located at 55 East 52nd Street, is also home to consulting giant McKinsey & Company and insurance firm Swiss Re.

The landlord, a partnership between Fisher Brothers and Soho China, was represented in-house by Fisher Brothers’ Marc Packman. Cushman & Wakefield’s Donald DiRenzo Sr. represented BlackRock. Packman declined to comment, and DiRenzo couldn’t be reached.

Soho China, headed by development magnate Zhang Xin, reportedly paid $600 million for a 49 percent stake in the property in 2011. The partners announced a $35 million renovation of the ground level in 2014.

Soho China is also a part owner of the GM Building at 767 Fifth Avenue.

Regina Glick

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