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Deals & Dealmakers

Seagram Building 95% Leased As Temasek Renews and Expands 

Temasek International (USA) LLC, the sovereign wealth fund of Singapore with more than $294 billion in assets under management, has leased 26,062 square feet of office space at RFR’s Seagram Building (375 Park Avenue).  With the Temasek deal, the Seagram Building is now 95% leased, including 375,000 square feet of leasing activity in 2022, and additional deals are on the way that will bring the Midtown Manhattan landmark to full occupancy. 

Through the new long-term lease transaction, Temasek will be relocating to a larger full floor space within the building.  Temasek, a Seagram tenant since 2013, is a global business with offices in Singapore, Mumbai, Beijing, Shanghai, Shenzen, Hanoi, London, Brussels, San Francisco, Washington, D.C., and Mexico City. 

The Seagram Building maintains its position as New York’s trophy office location, consistently and recently evidenced by the rents achieved: 

  • Seagram signed more $200+ per square foot deals in 2022 than any other office building in the United States. 
  • Of all the $100+ per square foot deals signed in 2022, Seagram had 10 more deals than the runner up. 
  • Seagram has been the leader in the number of $100+ per square foot deals transacted in a single office building for 11 of the past 13 years. 

“Seagram has always and continues to be the iconic NYC office building and home to business,” said Aby Rosen, Co-Founder and Principal of RFR.  In 2022 alone, Seagram completed over 375,000 square feet of leasing, mostly by financial and asset management firms including: 

  • Blue Owl Capital, a global alternative asset manager with more than $119 billion in assets under management as of June 30, 2022, leased 137,660 square feet.   
  • Teachers Insurance and Annuity Association of America (TIAA) leased 52,124 square feet to be used for Churchill Asset Management, a leading capital provider for private equity owned, middle market companies.  
  • Windrose Health Investors, a healthcare private equity firm, leased 16,956 square feet. 
  • Clayton, Dubilier & Rice, a private equity firm, increased its footprint to 69,385 square feet in a renewal and expansion deal. 
  • EnTrust Capital, an asset management and advisory firm with $19.4 billion in assets under management, completed a long-term lease renewal for 25,827 square feet. 
  • Sound Point Capital Management, a $30 billion asset management firm with a particular expertise in credit strategies, completed a renewal and expansion deal for 31,000 square feet. 

The Seagram Playground + Conference Center, the building’s 34,000-square-foot, multi-level amenity complex, represents the future of social and professional well-being through its three primary elements: 

  • Fitness, with a sports court for basketball, pickleball, floor hockey, volleyball and more; rock climbing wall; HIIT (high impact interval training) area; spin studio; strength training area; and cardiovascular exercise area.  
  • Wellness, with a pilates fitness area; stretching area; core strengthening area; and locker rooms with showers.  
  • Social collaboration, with a townhall featuring bleacher-style seating to accommodate 240 people; modern 40-seat executive boardroom; flex room with dynamic seating configurations for symposiums, training, meetings and more; multipurpose room for music, art, wine tastings, and more; lounge area; and private phone booths.  

The Seagram Building is recognized as one of the world’s greatest architectural masterpieces.  The landmarked building designed by the legendary architect Ludwig Mies van der Rohe is his only work in New York City, and was completed in collaboration with Philip Johnson. 

Brokers:  Temasek was represented by Brian Goldman, Neil Goldmacher, and Matthew Lorberbaum of Newmark.  Landlord agents were Peter Riguardi, Paul Glickman, Cynthia Wasserberger and Ben Bass of JLL, and AJ Camhi and Paul Milunec of RFR Realty. 

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