The World's Largest Money Manager Is Moving To 50 Hudson Yards
Related Cos and Oxford Properties Group had a one-two punch of 50 Hudson Yards announcements yesterday.
Not only did the two companies unveil Foster + Partners’ renderings for the 2.9M SF office tower, but announced that the world’s leading investment management firm, BlackRock, will be moving its global HQ to 850k SF across 15 floors in the tower after signing a 20-year lease. The announcement came a month after reports that the financial giant would move to the skyscraper.
The 58-story, 958-tall tower is being built to LEED Gold standards and will have direct entrance to the 7 subway line. BlackRock employees will have their own elevator entrance and access to a 400-person auditorium.
The money manager, alongside other marquee tenants, will be able to use private sky lobbies, outdoor terraces and valet parking. There will also be on-site bike storage, concierge services and connections to 30 Hudson Yards’ outdoor observation deck and the complex’s 1M SF retail component.
The white stone and glass tower’s staggered-block design will create several floor plate sizes, all of which will be columnless and start at 50k SF.
JLL’s Peter Riguardi, Kenneth Siegel, Matthew Astrachan and Joseph Messina repped BlackRock, while Related and Oxford were repped in-house by Stephen Winter.
BlackRock, which has $5 trillion in client assets, received a 10-year, $25M tax credit from New York State for the move, as the firm was supposedly considering moving 400 employees, 15% of its NYC workforce, to New Jersey. BlackRock has pledged to add 700 new jobs during this period in exchange for the credit.
Several financial firms have used Gov. Cuomo’s Excelsior Jobs program to get tax credits, including Morgan Stanley ($52M), KCG Holdings ($15M), Bank of New York Mellon ($3M) and OnDeck Capital ($5.5M). Like BlackRock, these companies promised to add jobs, but a July state comptroller report revealed the official couldn’t confirm if jobs were actually added.
Construction will begin next year and, when completed in 2022, 50 Hudson is slated be NYC’s fourth-largest commercial office tower, spanning an entire city block.
