Insurance Company Inks Lease at RFR’s Seagram Building
Lauren Elkies Schram Sept. 22, 2014, 11:40 a.m.
Berkley Insurance Company has snapped up 7,817 square feet in a 10-year lease at the Seagram Building at 375 Park Avenue, Commercial Observer has learned.
The deal, which was signed at the end of last month, gives the firm a new space for its senior executive leadership on the 27th floor of the RFR Realty building, which is between 52nd and 53rd streets. Berkley is building out the space and anticipates moving into the building at the start of 2015, according to a spokesman for RFR.
Berkley Insurance also occupies more than 42,000 square feet at RFR’s 757 Third Avenue and has additional space in RFR’s Stamford, Conn. portfolio.
Asking rents in the Seagram Building range from $165 to $170 per square foot, Crain’s New York Business previously reported.
Financial firm Pamplona Capital Management recently leased 9,100 square feet in the building. Other tenants include Atlas Merchant Capital with 17,519 square feet, Invemed Associates with 7,000 square feet and Fintech Advisory with 10,000 square feet.
RFR’s Steve Morrows represented the company in-house in the lease negotiations. Jeffrey I. Sussman of Property Group Partners represented Berkley. Mr. Sussman wasn’t available for comment.