Wealth Management Firm for Blackstone Co-Founder Moves Within Midtown

399 PARK AVENUE. PHOTO: COSTAR GROUP

399 PARK AVENUE. PHOTO: COSTAR GROUP

Peterson Management, which manages the family assets of Peter Peterson,Blackstone Group co-founder and former Lehman Brothers chief executive officer, is heading to the former Citigroup headquarters on Park Avenue.

The firm will relocate from 26,000 square feet at Paramount Group’s 712 Fifth Avenue to 40,000 square feet of offices at Boston Properties’ 399 Park Avenue, The Real Deal reported. The outfit led by Peterson’s son, Michael Peterson, will set up shop in a penthouse-like space that includes outdoor terraces and a glass box constructed on top of the building’s setback. Rents in the 15-year lease start at $130 a square foot and rise to $150 a square foot towards the end of the term, according to TRD.

Seth Hecht of Cushman & Wakefield and Joseph Conwell of Philadelphia-based GPX Realty Partners represented Peterson. (GPX Realty is a subsidiary of private investment firm GPX Enterprises, another company headed by Michael Peterson.) It wasn’t immediately clear who represented the landlord.

A spokesman for C&W declined to comment, and Boston Properties’ spokeswoman didn’t respond to a request for comment.

The wealth management company will relocate along with the nonprofit Peterson Foundation, which Peter Peterson launched in 2008 to focus on fiscal sustainability and national debt.

BY REBECCA BAIRD-REMBA NOVEMBER 6, 2017 11:31 AM

https://commercialobserver.com/2017/11/wealth-management-firm-for-blackstone-co-founder-moves-within-midtown/

Silver Lake in talks to move to 55 Hudson Yards

Silver Lake co-founder Jim Davidson and 55 Hudson Yards

Silver Lake co-founder Jim Davidson and 55 Hudson Yards

The private equity firm would leave its office at Solow's 9 W. 57th St.

Silver Lake, an investment firm that has backed the likes of Alibaba and Dell, is in talks to move its New York offices to 55 Hudson Yards, according to Bloomberg. The company is said to be looking for around 50,000 square feet at the upcoming office tower. 

The move would make Silver Lake the second marquee tenant to leave the Solow Building at 9 West 57th Street for a new home at Hudson Yards, after private equity firm KKR bought a 343,000-square-foot office condo at 30 Hudson Yards in 2015.The news was first reported by the business and politics website Axios.

Other tenants signed up at the 1.3 million-square-foot 55 Hudson include Steve Cohen’s Point72 Asset and law firm Milbank Tweed Hadley & McCloy. The tower is being developed by Mitsui Fudosan, which owns a majority stake, along with Related Companies and Oxford Properties.

Another potential tenant is the law firm Cooley, which is spearheading Snap’s upcoming IPO and potentially eyeing up to three floors at the tower, as The Real Deal reported.  [Bloomberg] — Will Parker

https://therealdeal.com/2017/02/28/silver-lake-in-talks-to-move-to-55-hudson-yards/

BlackRock narrows HQ search down to three locations

One World Trade Center and BlackRock’s Larry Fink

One World Trade Center and BlackRock’s Larry Fink

Asset manager BlackRock narrowed its list of potential new headquarters locations down to three: The Durst Organization’s One World Trade Center, the Related Companies and Oxford Properties Group’s Hudson Yards and Brookfield Property Partners’ Manhattan West.

The company currently occupies around 700,000 square feet in two buildings – 55 East 52nd Street and Rudin Management Company’s 40 East 52nd Street – where its lease expires in 2023. The Real Deal reported in February that it tapped a JLL team headed by Peter Riguardi to find a new, larger office space.  According to the Wall Street Journal, BlackRock is looking to lease 850,000 square feet at a possible annual rent of around $60 million.

One World Trade Center was 69 percent leased as of early June, and landing Blackrock would bring the 3 million-square-foot tower close to full occupancy. Hudson Yards, meanwhile, has already landed major finance tenants Wells Fargo and fund manager KKR.

BlackRock's employee count has grown from 5,341 at the end of 2008 to currently 13,000. As banks and other Wall Street firms suffered from the aftermath of the 2008 financial crisis and stricter financial regulation, asset managers like BlackRock and the Blackstone Group have captured market share.

[WSJ] – Konrad Putzier,

The Real Deal, Asset manager considering 1 WTC, Hudson Yards and Manhattan West
July 27, 2016 05:40PM