Alternative investment firm Blue Owl Capital has significantly expanded its footprint at RFR Holding’s iconic Seagram Building. The firm renewed its existing lease for 168,597 square feet on floors two through six and added an additional 70,076 square feet on floors 16 through 19.
This expansion brings Blue Owl’s total occupancy at 375 Park Ave. to 238,673 square feet. While the specific terms of the lease were not disclosed, the building’s asking rent in 2022 was $200 per square foot.
Cushman & Wakefield’s Mark Weiss represented Blue Owl Capital, while RFR Realty’s Executive Vice President, AJ Camhi, and Senior Vice President, Paul Milunec, negotiated on behalf of the landlord.
Designed by the legendary architect Ludwig Mies van der Rohe, the Seagram Building is a renowned architectural masterpiece and one of the most desirable addresses in New York City.
“Seagram is an iconic New York City building with world-class amenities and a top-notch management and service team,” said Blue Owl Chief Operating Officer, Andrew Polland. “RFR has proved to be an excellent partner in supporting our continued growth, as exhibited by this recent four-floor expansion, and we are excited to be the anchor Seagram tenant for many years to come.”
“It’s been a pleasure partnering with Blue Owl over the past two years as they continue to grow and acquire other companies,” Camhi added. “Blue Owl has a definitive appreciation for the history of this iconic building, and we are excited to share the same commitment to providing the best-in-class service and remarkable experiences as we continue to build on our strong relationship.”
Blue Owl first signed a lease at 375 Park Ave. in 2022 for 137,660 square feet. The firm then added 31,597 square feet in 2023, including two private, 5,000-square-foot outdoor terraces that provide employees with a unique outdoor working and socializing environment, as well as seating for up to 168 people.
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