An investment firm has signed a deal to expand at the Seagram Building in a direct lease with landlord RFR Realty, after three years of subleasing at the 38-story tower.
Commercial Observer has learned that Sound Point Capital Management inked a 10,827-square-foot deal at 375 Park Avenue between East 52nd and East 53rd Streets, according to a press release from the landlord. Asking rent in the deal, which is for more than 10 years, was $185 per square foot, said a spokesman for the landlord.
The eight-year-old asset manager has been in the building as a subtenant since 2013. In the new direct lease, Sound Point will be increasing its foothold at the 831,000-square-foot building by 40 percent, the release indicates. RFR declined to provide what floor the company would be on via the spokesman.
“375 Park continues to have excellent momentum and remains a draw for cutting-edge financial tenants,” said RFR’s AJ Camhi, who represented the landlord in-house along with a JLL’s Matthew Astrachan and Jonathan Fanuzzi.
Cynthia Foster, David Glassman, Dylan Mattes and Robert Thuss of Colliers International represented the tenant in the deal. The Colliers brokers did not immediately return a request for comment via a spokeswoman.
This deal is the largest of several the landlord has recently signed to the Midtown tower. Capital Royalty signed a lease for 2,082 square feet, ARF Management Services is taking 1,638 square feet and Crestline Research inked a lease for 2,084 square feet, according to the release.