Blue Owl Capital Inks 138K-SF Lease in Seagram Building

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Alternative investment firm Blue Owl Capital leased 137,660 square feet at  RFR Holding’s Seagram Building at 375 Park Avenue, RFR announced Wednesday.

Currently located on the 38th floor of 399 Park Avenue, Blue Owl leased additional space just a block north to its new offices. RFR’s director of leasing, AJ Camhi, described the move as a flight to quality from an older office asset to one that draws workers back.

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“Blue Owl’s early success is in no small part fueled by the hard work and myriad contributions of our many dedicated colleagues. Creating a first-class office environment where our people can collaborate is integral to Blue Owl’s corporate culture,” Marc Lipschultz, co-founder of Blue Owl Capital, said in a statement.

Space in the building has an asking rent of $200 per square foot, according to RFR. 

“We have created a new benchmark for the high-end office market,” Camhi said in a statement. “The flight to quality in the New York office market is very real, and the success we’ve had at Seagram is further evidence that Seagram remains the City’s premier office property.”

The deal was first reported by Bloomberg.

RFR handled the deal in-house via Camhi and Paul Milunec along with Peter Riguardi, Paul Glickman, Cynthia Wasserberger and Ben Bass of JLL. Blue Owl was represented by Mark Weiss of Cushman & Wakefield.

“The continued leasing momentum at 375 Park Ave. is testament to ownership’s vision for a modern, healthy workplace that is attractive to major occupiers as they embrace the return to work,” Glickman said in a statement.

Other recent transactions in the building include the Teachers Insurance and Annuity Association of America taking 52,124 square feet for its affiliate Churchill Asset Management; Windrose Health Investors inking a deal for 16,956 square feet; private equity firm Clayton, Dubilier & Rice increasing its footprint to 69,385 square feet; EnTrust Capital renewing its 25,827 square feet; and Sound Point Capital Management reupping and expanding to 31,000 square feet.

“Blue Owl is a dynamic company that draws on the collective intellectual capital of its entire team and sought out expansion in a building that could provide them with a high energy environment and with a landlord who could partner with them as they grow their fantastic business,” Weiss said in a statement.

Mark Hallum can be reached at mhallum@commercialobserver.com.