Fried Frank Advises Blackstone on 345 Park Avenue Lease Expansion and Extension Agreement

Fried Frank advised Blackstone on its agreement to expand and extend its global headquarters lease 345 Park, which is owned by Rudin, and is located between East 51st and 52nd Streets and Park and Lexington Avenues. With this agreement, Blackstone is expanding by 250,644 square feet of office space in the Plaza District tower and extending its existing lease for an additional five years through 2034. Blackstone's total footprint will now span approximately 1.06 million square feet across 28 floors at 345 Park Avenue, and 1.4 million square feet in New York, making it the City's 7th largest commercial office tenant. Blackstone executed its original two-floor, 70,000 square foot lease at 345 Park Avenue in 1988.

The Fried Frank team was led by partners Jonathan Mechanic and Jennifer Yashar and included real estate associates Cathy Bushong and Sarah Zehentner.