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Deals & Dealmakers

Nine lease deals totaling 77,000 s/f at landmark Seagram Building

RFR Realty announced that it has signed over 77,000 s/f of leases with a variety of new and established tenants at 375 Park Avenue, its 38-story, 837,000 s/f landmark property.

The average asking rent at the office tower, which is currently 95 percent occupied, is $185 per square foot.

“375 Park Avenue continues to experience incredibly strong leasing activity and advanced talks are underway with additional tenants that would complement our existing roster of top corporate firms,” said AJ Camhi, director of leasing at RFR Realty.

The building offers a superior host of amenities, including a new exclusive executive lounge and a tenants’-only terrace; onsite, preferred parking with elevator access in the lobby; and a spectacular outdoor plaza, and provides panoramic views of Park Avenue and New York City. There are also two new premier restaurants at the property: The Grill and The Pool at the Landmark Rooms of the Seagram Building.

Recent transactions include:

Real estate investment firm JSF Capital, which specializes in the finance, acquisition and development of core real estate assets including commercial, multifamily and mixed-use properties, signed a new lease on the 37th floor of the office tower for a new Prebuilt unit.

Office space provider Servcorp extended and expanded its existing lease for a new 10-year term for a total of 9,572 square feet on the 26th floor of the building. Brant Point Capital Management, a hedge fund sponsor that invests in public equity markets in the U.S., renewed its lease for 5,473 square feet on the top floor of the building. Brant Point was represented by William Iacovelli of CBRE.

Carlson Capital LP signed a new 18,214-square-foot full-floor lease on the 31st floor. Founded by Clint Carlson in 1993, the Dallas based alternative asset management firm manages over $8 billion in assets. Carlson was represented by Jared Horowitz at Newmark Grubb Knight Frank.

Strategic Asset Services expanded and extended its lease and now occupies the entire 20th floor. Founded by Spencer B. Haber in 2004, Strategic Asset Services is a multi-billion-dollar institutional investment manager focused on credit, real estate and related markets. Having completed over $30 billion of investments, H/2 has invested capital in the United States, Europe and Asia.

Private equity firm Investindustrial signed a lease for 5,465 square feet that will expand its footprint and relocate the firm within the property. Founded in 1990 by Andrea C. Bonomi, the company has approximately $6.1 billion USD (€5.6 billion) of raised fund capital and provides capital to mid-market companies. Investindustrial has offices in Switzerland, Spain, United Kingdom, United States, Luxembourg, and China. The tenant was represented by Thomas Birnbaum of NYC Realty Advisors.

L1 Health LLC signed a new 4,755-square-foot lease. L1 Health will target up to $2 to $3 billion of investments in the global healthcare sector over the next three years. L1 Health is a subsidiary of UK based LetterOne which has investments in energy, telecom and technology.

Beijing-based Real Estate Company Genises Development Company signed a lease for 7,817 square feet on the 27th floor of the building. Clyde Reetz of CBRE represented the tenant.

Crestline Research, which is the New York affiliate of Crestline Investors, Inc., a Fort Worth, TX-based institutional alternative investment management firm with around $9 billion of assets under management, signed a 4,724-square-foot renewal and expansion lease. Neil Goldmacher of Newmark Grubb Knight Frank acted on behalf of Crestline.

Beverage company Hans Holterbosch, Inc., which has been a tenant in the building for the past 52 years, recently renewed its lease on a long-term basis. According to company Founders Heidi Holterbosch and H. Dieter Holterbosch, “Our time in The Seagram’s Building has been a wonderful experience – 52 years in the finest building in New York –  our lives enriched by the extraordinary architecture, construction and quality of service.”

In all of the transactions, RFR was represented by Camhi and a JLL leasing team that includes Matthew Astrachan, Jonathan Fanuzzi, Dan Turkowitz and Kip Orban.

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