Temasek, a Singapore-based investment company, leased a full floor at RFR Holding’s Midtown office trophy at 375 Park Avenue, The Real Deal has learned. The space was on the market for $145 per square foot, and comprises the entire 14th floor of the tower better known as the Seagram Building, said Neil Goldmacher, vice chairman at Newmark Grubb Knight Frank, who represented the company.
Aby Rosen’s RFR owns the 38-story tower between 52nd and 53rd streets, which has some of the highest office rents in the city. RFR nabbed the final ownership stake in the building in May, spending about $224 million, reports show. RFR represented itself in the transaction.
Despite the fact that big banks continue to shrink, office leasing is up in Midtown, Manhattan’s priciest market, due to increased demand from smaller financial firms, like hedge funds, private equity firms and sovereign wealth funds.
The new space should measure a little more than 20,000 square feet because the building offers a total of 795,000 square feet of office space, evenly distributed across the 37 floors (excluding the lobby). Goldmacher couldn’t comment on the specific terms of the deal but said the transaction was for “more than 10 years.”
The new office appears to be Temasek’s first in New York City, and third in the Western Hemisphere following shops in Mexico City and Sao Paulo. A call to Temasek for comment was not returned.