Aby Rosen’s RFR Holding signed a tenant to two floors at the Seagram Building, just a few months off its $1 billion refinancing.
Private equity firm Advent International signed a 10-year lease to occupy the 14th and 15th floors of 375 Park Avenue in Midtown Manhattan, Bloomberg reported. Advent will occupy 34,000 square feet. The asking rent at the property is $235 per square foot.
Advent’s lease is an expansion of its space in Manhattan. OPEN Impact Real Estate represented the private equity firm, which is leaving its 16,000-square-foot lease at 12 East 49th Street, according to the Commercial Observer.
Rosen’s firm reeled in more than 100,000 square feet of renewals and new leases at the Seagram Building last year. The biggest moment for Rosen at 375 Park last year, however, was a long-gestating refinancing.
RFR in December scored a $1.1 billion recapitalization of the property, replacing a $789 million senior commercial mortgage-backed securities loan. The package included between $350 million and $360 million of fresh equity from Anthony Shaskus’ JVP Management.
RFR has poured $25 million into refreshing the 860,000-square-foot tower. Tenants include Centerbridge Partners and alternative investment firm Blue Owl Capital, which signed a lease for 138,000 square feet a little more than a year ago.
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Commercial
New York
Aby Rosen lands $1.1B refi for Seagram Building
Commercial
New York
NYC office leasing activity drops 40% from December
Commercial
New York
RFR seeks $1B refi of Seagram Building
Office leasing activity in Manhattan last month plummeted from the previous period, keeping availability at an all-time high for the second straight month. Total activity in January ended at 2.25 million square feet, barely half the volume from the previous year and a decline of almost 40 percent from December, according to a monthly report from Colliers.
Availability in the borough has remained at 17.9 percent for two months. Asking rents, meanwhile, dropped down by a few cents for January, falling to $74.64 per square foot annually.
— Holden Walter-Warner