Prokhorov’s Investment Firm Renews at Seagram Building


375 Park Avenue
375 Park Avenue. (RFR)

Russian billionaire Mikhail Prokhorov‘s private investment firm ONEXIM Group signed a six-year renewal to remain on the 26th floor of RFR Realty‘s Seagram BuildingCommercial Observer has learned.

The majority Brooklyn Nets owner’s company, which invests in mining, financial services, real estate, media, utilities and technology, will keep its 2,383-square-foot New York City offices at the landmarked property. The 38-story trophy building between East 52nd and 53rd Streets commands asking rents of $175 per square foot, RFR officials told CO last month.

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“We continue to attract international business leaders to 375 Park Avenue,” Steve Morrows, RFR’s director of leasing, said in a prepared statement.

Mr. Morrows negotiated directly with the tenant in the renewal talks, RFR officials said, declining to state when the company’s current lease would have expired.

Mr. Prokhorov and other highly-placed officials at his firm will enjoy access to the property’s new $4 million executive-only lounge on the 11th floor setback of the modernist masterpiece property by Ludwig Mies van der Rohe. Prominent tenants at the 1958 gem include Wells Fargo, private equity investment firm Clayton, Dubilier & Rice, private investment company Centerbridge Partners and the government of Singapore’s Temasek Holdings. London-based energy traders Yakima Oil Trading and independent art dealer Tobias Meyer signed new leases for space at 375 Park Avenue in October, as CO previously reported.