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Friday, December 09, 2016

Larry Fink On the Hudson

News summary by MFWire's editors

Larry Fink and his team have picked BlackRock's [profile] new home ... but they won't be moving in until well after the next U.S. presidential election! And they'll be staying in the Big Apple.

Larry Fink
Chief Executive Officer and Chairman
The New York City-based asset management titan has signed a preliminary deal with developer Related Companies to move into 50 Hudson Yards, a planned building that will go up at 515 West 33rd Street, near NYC's Javits convention center on Manhattan's far West Side, per reports from the New York Times, the Real Deal, Reuters, and the Wall Street Journal. The plan is for BlackRock to begin its 20-year lease and move into its new headquarters in the fall of 2022. BlackRock's current lease expires in 2023.

Word is that BlackRock will take over 15 floors, 850,000 square feet in total, in the new building. That's a 21-percent increase over BlackRock's 700,000 square feet of current headquarters space, spread across 31 floors in buildings between Park and Madison avenues on 52nd Street, in the heart of midtown Manhattan. New York State's Empire State Development agency has reportedly agreed to $25 million in tax credits over ten years for BlackRock, in exchange for BlackRock creating 700 jobs. BlackRock, the world's largest asset manager with $5.1 trillion in AUM and counting, has 2,700 employees in New York alone. The new location is just a mile from the old one as the crow flies (or two miles walking).

Hudson Yards and Related Cos. won out over three other options that BlackRock was rumored to be considering as recently as five months ago. Those other options were: Manhattan West (a development just east of Hudson Yards), the rebuilt World Trade Center (downtown in Manhattan's Financial District), and staying put but expanding its current headquarters.

A month ago Bloomberg and the Real Deal reported that BlackRock was working on a deal specifically for 50 Hudson Yards. Then a week ago, the New York Post reported that the decision was made, though at the time spokespeople for BlackRock and Related Cos. told the paper "nothing is signed." 

Edited by: Neil Anderson, Managing Editor

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