Singapore Sovereign Wealth Fund Expands to 23K SF at Seagram Building
Temasek, a Singapore sovereign wealth fund with a $275 billion portfolio, has signed a lease to expand its footprint at the Seagram Building, Commercial Observer has learned.
The company will add a roughly 5,800-square-foot portion of the 15th floor, expanding its offices to 22,762 square feet in RFR Realty’s 375 Park Avenue between East 52nd and East 53rd Streets, according to information provided by the landlord. Temasek currently has the entire 16,963-square-foot 14th floor of the historic property.
RFR declined to disclose the length of the transaction. The asking rent in the deal was $185 per square foot.
Temasek has various offices around the globe, including in London, Beijing, Washington D.C., and San Francisco. It has been located at 375 Park Avenue for nearly five years, according to an RFR spokeswoman.
Brian Goldman and Neil Goldmacher of Newmark (NMRK) Knight Frank handled the deal for Temasek. RFR was represented in-house by AJ Camhi and Ryan Silverman alongside a JLL (JLL) team of Benjamin Bass, Diana Biasotti, Kristin Morgan and Kip Orban.
“375 Park Avenue continues to attract leading global firms,” Camhi, the director of leasing at RFR, said in prepared remarks. “We are excited to see established tenant Temasek expand its footprint in our building.”
In addition to Temasek, recently Brazilian-based law firm Demarest Advogados signed a 2,387-square-foot, 10-year lease to move into a prebuilt space in 375 Park Avenue, and specialty finance company Nearwater Capital inked a deal for 4,127 square feet in the building.
The NKF brokers declined to comment via a spokeswoman.