Blue Owl Capital Expands Lease at Aby Rosen’s Seagram Building

In the midst of a rough stretch, Aby Rosen notched a much-needed win as Blue Owl Capital expanded its footprint at the Seagram Building, 375 Park Avenue.

The global alternative asset manager extended its lease and increased its space at RFR Realty’s office building by 70,000 square feet for a total of 239,000. The firm took the 16th through 19th floors while keeping its offices on the second through sixth.

Blue Owl, which manages over $192 billion in assets, originally signed a lease in 2022 for 137,600 square feet and the following year added 31,600. Its new deal puts the Seagram Building close to full occupancy, according to RFR.

Blue Owl Capital was represented by Mark Weiss of Cushman and Wakefield while RFR Realty was represented in-house by AJ Camhi and Paul Milunec.

Cushman and Wakefield’s Mark Weiss (Cushman and Wakefield)

Rosen expects 375 Park to notch over 350,000 square feet in leasing commitments this year. RFR in 2022 added a 34,000-square-foot amenity area it calls the Seagram Playground. Blue Owl’s space includes two private 5,000-square-foot outdoor terraces on the fifth floor.

The Seagram Building, completed in 1958 and designed by Ludwig Mies van der Rohe, is among a number of architecturally significant Manhattan office properties picked up by Rosen in a pre-pandemic shopping spree.

Rosen was able to refinance the Seagram Building’s $1.1 billion in debt coming due in May, but he is in danger of losing the Chrysler Building and has faced debt and revenue challenges at other properties, including 90 and 522 Fifth Avenue and 17 State Street.

Madison Realty Capital bought the distressed debt on Rosen’s Gowanus development site, 175 Third Avenue, and moved to foreclose.