Seagram Constructing. Picture courtesy of RFR Realty
Sovereign wealth fund Temasek Worldwide has signed a 26,062-square-foot lease renewal and growth at RFR Realty’s Seagram Constructing in Midtown Manhattan, an 891,998-square-foot workplace property. Newmark brokered the settlement on behalf of the tenant, whereas JLL, together with a RFR in-house workforce, represented the owner.
Temasek, which has been a tenant at Seagram since 2013, can be relocating to a much bigger area throughout the constructing as a part of a brand new long-term settlement. The agency’s newly signed lease introduced the Seagram Constructing to 95 % occupancy. Based on RFR, extra offers are in progress, which ought to consequence within the property attaining full occupancy by the top of the yr.
Blue Owl, Arbor, Crestline Traders, Centerbridge Companions, Berkley Insurance coverage and Sound Level Capital are among the many tenants on the 38-story property, in response to CommercialEdge. On-site parking, a just lately accomplished 35,000-square-foot playground, a convention heart, in addition to eating places The Grill and The Lobster Membership are among the many facilities on the property.
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Accomplished in 1958, the Seagram Constructing underwent beauty renovations in 2013. Situated at 375 Park Ave., the property was designed by Ludwig Mies van der Rohe, in collaboration with Philip Johnson.
RFR picked up the asset again in 2001, for $371 million, CommercialEdge reveals. As per the identical supply, the property is topic to a U.S Financial institution mortgage set to mature this yr, in summer time. Earlier this month, Industrial Observer disclosed that RFR is going through strain to refinance the Seagram Constructing, because the maturity date for its $1 billion debt bundle approaches.
Newmark Vice Chairman Brian Goldman, Chairman Neil Goldmacher and Managing Director Matthew Lorberbaum brokered the lease signing on behalf of Temasek. The owner was represented by JLL Chairman & President Peter Riguardi, Government Managing Director Ben Bass and Vice Chairmen Paul Glickman and Cynthia Wasserberger, together with Government Vice President AJ Camhi and Senior Vice President Paul Milunec of the in-house RFR Realty workforce.
Excessive emptiness charges don’t decelerate leasing exercise in Manhattan
As of January 2023, Manhattan recorded the quickest surge in emptiness charges amongst Northeast markets, up by 2.6 % year-over-year and hitting 15.4 %. Nonetheless, notable leasing exercise has continued within the borough as of late.
Non-profit Constructing Service 32BJ Well being Fund signed a 18,850-square-foot lease at Kaufman Group’s Cluett Constructing in Midtown Manhattan. Regulation agency Polsinelli has additionally prolonged and expanded its lease at L&L Holding Co.’s 600 Third Ave. in Midtown East.
Additionally final month, Clothes designer and retailer ESPRIT signed a 38,000-square-foot lease for its new Manhattan international headquarters at 10 Hudson Sq.. Extra just lately, JEMB Realty Corp. signed three leases totaling 32,000 sq. toes at 75 Broad St.
