RFR Secures 34 KSF Lease at Manhattan Tower
Private equity firm Advent International has signed a 10-year lease for 34,000 square feet at The Seagram Building in Manhattan. RFR Realty owns the 892,000-square-foot tower and was represented in-house. OPEN Impact Real Estate represented the tenant in the transaction.
Advent will occupy the entire 14th and 15th floors, and has taken the space at a rate of $235 per square foot. The firm is relocating from Tower 49 at 12 East 49th St. some five blocks away, where it occupied 16,000 square feet since 2015, as reported by Commercial Observer.
In December, the Seagram Building became subject to $1.1 billion in financing across senior and mezzanine notes and preferred equity from JVP Management. It replaced debt in the same amount originated in 2013. The landlord acquired the building in 2001 for $371 million, according to CommercialEdge data.
Built in 1958, the tower rises 38 stories and includes 27,000 square feet of retail space. In 2013 it underwent cosmetic renovations. Other tenants at the property include Blue Owl Capital, Centerbridge Partners and SR Capital, the same source shows. Located at 375 Park Ave., the building is within walking distance of the Rockefeller Center as well as of multiple subway stations.
Manhattan rates keep decreasing
RFR Realty Executive Vice President Aj Camhi and Senior Vice President Paul Milunec represented the landlord in the transaction. OPEN Impact Real Estate CO-Founder Lindsay Ornstein and CEO & Advisor Patrick Robinson, along with Vice President Casey Noel and Associate Kate Whitman worked on behalf of Advent International.
As of January, Manhattan remained the priciest office market in the U.S., with the average listing rate at $68 and marking a 9.9 percent year-over-year drop, according to a recent CommercialEdge report. The vacancy rate in the borough was 16.5 percent in the first month of the year, rising by 1 percent since the same period in 2023 and below the national figure of 18 percent.
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