They should give the savings to their employees to pay for the home office space.
Iâve been working from home non stop since March 2020. The company I work for is looking into having a sort of hybrid schedule, some days home and some in the office. Theyâre also considering getting rid of excess office space.
The fact is that interacting with people is extremely healthy and even needed to the human brain. Itâs sad to see that many, maybe even most these days donât want to interact with people but rather stay by themselves and theyâre phone. Itâs bringing a huge amount of entitlement and narcissism thatâs not needed.
My opinion and observations⌠
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Which would be a reason for so many altercations on airliners. I need to go back east but I am waiting for the craziness to calm down.
Sadly, I donât think that 350 Park will be built for a long time, if ever, in this form. It seems that Vornado is more focused on 15 Penn.
Blackstone again weighing Manhattan HQ move, expansion
TRD STAFF
MAR 25, 2022
Quote:
Blackstone is reportedly getting restless at its 345 Park Avenue office once again, eyeing options for an expansion or move.
The private equity firm is seeking 1.5 million square feet of office space , people familiar with the matter told Bloomberg. The company is weighing options that include a move to another building in the city, or redeveloping a building to create the space.
Blackstone isnât shutting the door on 345 Park. Bloomberg reported the firm may expand its presence at the Rudin Management building, where it has operated for more than three decades. The building is slightly bigger than 1.8 million square feet, so expanding Blackstoneâs presence to fit its ambitions would be difficult with other tenants in place.
Quote:
Last year, Blackstone signed a deal to expand at the office by 80,000 square feet, bringing its total at 345 Park to 720,000 square feet. The firm also extended its lease for an additional year, through 2028.
But Blackstone has threatened to move before. The firm was reported in 2020 to be considering options for a new headquarters as large as 1 million square feet. Blackstone reportedly asked a handful of landlords to submit proposals for potential headquarters in Midtown and the Far West Side.
Among the sites under consideration at the time was a supertall office tower on Park Avenue proposed by Rudin and Vornado Realty Trust. The developers floated the idea of developing separately owned properties into a 1,450-foot-tall, 1.68 million-square-foot tower at 350 Park Avenue.
Quote:
Morgan Stanleyâs recent move for Manhattan office space offers context for the size of Blackstoneâs reported hunt. The investment bank recently agreed to one of the biggest leases of the pandemic, poised to move into Park Avenue Plaza next year. That lease encompassed roughly 400,000 square feet, barely a quarter of what Blackstone is reportedly looking for.
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This would be one of the better designs going up, definitely a good competitor for 270 Park and better than most HY towers.
Unfortunately, I donât think that this will occur because Roth has repeatedly stated that heâs more interested in focusing on Penn.
I donât see why that would stop this from happening, theyâre just focusing somewhere else currently.
Besides this was always going to be a long term project, in the later half of the decade.
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Not really, Now is the time for it to happen because 350 Park and the adjacent building will be virtually empty in a few years. Blackstone would move here, but crazy Steve Roth thinks that tenants like that will flock to the Penn Station cesspool.
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And why wouldnât tenants go to Penn Station area exactly? One of the top things tenants are looking for these days is good transit access, Penn Station is the only location in the city that has better transit access than Grand Central. Another thing theyâre looking for are modern massive buildings with lots and lots of amenities, which the new Penn Station towers will provide. Not to mention the proximity to other massive developments such as HY.
Really Downtown is the one who should worry about tenants coming.
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The Penn area is a dump. It will be nice in 20 years, but itâs not now.
GCT attracts riders with far higher incomes from Westchester, Connecticut, and soon from LI with the East Side Access.
I think that youâre a great and enthusiastic poster, but I get the impression that youâre not from NY and donât live here presently.
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Unless the area is crime ridden I donât see how it being a dump is going to effect whether a tenant wants to go there. While yes, I donât live there itâs not hard in the modern world to get the feel of an area without going there. No itâs not exactly great but itâs not 3rd world, I doubt itâll be that big of a deal. All of these buildings will have direct underground access to the Penn Station complex, so even if it is a dump that wonât effect most of the workers.
Unless Iâm missing something else.
Anyways we were talking about Ross not wanting to do 350 because he was focusing on Penn right?
I like your enthusiasm for NY, but if you donât walk these streets regularly, you canât make informed assessments. Thereâs a WORLD of difference between Park/Fifth/Madison and 57th and the Penn Station area.
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Whatever man, obviously the devs see something in it. This is all besides the point anyway. Is 350 outside of the Midtown East rezoning? Or does Ross even care to take advantage of it because heâs focusing on Penn. 350 is a prime site and an amazing design, would be a shame if nothign comes of it.
I love to see them leasing at 3 Hudson blvd instead. Its ready to go vertical, Vornado right now is focused on Penn area but 350 will get built before the end of the decade. Iâm seeing 2024-25ish
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Personally I hope they anchor 175 Park. Or is that too big or too far in the future for them? Regarding the so-called âPenn Districtâ, pre-pandemic I would have said the area needs large scale office development to jump-start the transformation, a bit like One Worldwide Plaza did for west midtown in the '80s. But things have deteriorated so badly in the Penn/PABT/Times Square area that I donât think any rational tenant would want to anchor a big tower there. With so many jobs offering tantalizing WFH options, why would any employee want to commute to Penn Station, one of the most unpleasant parts of the city? That whole vile area needs to be cleaned up first in order for office development to be viable there.
I agree.
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