BlackRock Signs Preliminary Pact to Move to Manhattan's West Side
December 07 2016 - 10:20PM
Dow Jones News
BlackRock Inc. signed a preliminary agreement to move to
Manhattan's West Side, according to people familiar with the
matter.
The world's largest money manager will receive $25 million in
tax credits from the state over 10 years and must create 700 new
jobs during the period, one of the people said. The firm currently
employs 2,700 people in New York and has other staff in Princeton,
N.J. The New York economic development agency, Empire State
Development, aims to spur job creation and business growth within
the state.
BlackRock's agreement with Related Cos. will move the firm's
headquarters to 50 Hudson Yards, part of a large new development
along the Hudson River built by the developer and Oxford Properties
Group. The company currently fills about 700,000 square feet of
space on 31 floors of multiple buildings on 52nd Street between
Madison and Park Avenue. It has been based near Park Avenue since
it was founded in 1988.
BlackRock, which has $5.1 trillion in assets under management,
has been searching for a potential new headquarters throughout
2016.
The firm's search has been among the largest, most sought-after
mandates in Manhattan at a time when banks that were long marquee
tenants have shrunk their footprints.
The firm agreed to a 20-year lease for 850,000 square feet. It
will fill 15 floors in the planned building, moving most employees
to trading floor-style floor plans. Its lease also includes a
400-person auditorium.
It plans to move into the new building in the fall of 2022.
Keiko Morris contributed to this article.
Write to Sarah Krouse at sarah.krouse@wsj.com
(END) Dow Jones Newswires
December 07, 2016 22:05 ET (03:05 GMT)
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