BlackRock to Move Headquarters to New Hudson Yards Tower in 2022By
Firm gets $25 million in state tax credits to create 700 jobs
Related Cos. building 50 Hudson Yards on Manhattan’s west side
BlackRock Inc., the world’s largest asset manager, will move its headquarters to a new skyscraper to be built at the Hudson Yards development on Manhattan’s far west side.
The firm, which oversees $5.1 trillion in assets, will relocate to 50 Hudson Yards in 2022, according to a statement today by Empire State Development, New York’s economic development agency. BlackRock will receive $25 million in state tax credits as an incentive to create 700 new jobs and retain 2,672 other positions. The company will be required to retain that level of staffing for a decade, the state agency said.
“We are thrilled to be an anchor tenant in one of the most innovative real estate projects in New York’s history,” Robert Kapito, co-founder and president of BlackRock, said in the statement.
The firm has a letter of intent to lease 850,000 square feet (79,000 square meters) across 15 floors at 50 Hudson Yards, according to a separate statement from developer Related Cos. Construction is expected to start next year and be finished in 2022.
The tower, designed by the Foster + Partners architecture firm, will span an entire city block. It is part of a larger project Related is building on the far west side that will create a new neighborhood of offices, apartments and retail.
BlackRock, with 13,000 employees globally, has been based in New York City since its founding in 1988. The firm has about 2,700 workers in multiple locations in New York, all of whom will relocate to Hudson Yards, according to the statement.
“BlackRock is one of the world’s most trusted investment firms and known for its forward-thinking leadership team,” said Jeff Blau, chief executive officer of Related. “Their decision to relocate after nearly three decades on and around Park Avenue is another strong vote of confidence in our collective vision for Manhattan’s west side.”