Leases  ·  Office

Singapore Sovereign Wealth Fund Stays Put at Seagram Building

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Temasek, a Singapore sovereign wealth fund, has renewed its offices at the Seagram Building, Commercial Observer has learned.

The firm signed a 15-year lease to expand to 26,062 square feet on the seventh floor of RFR Holding’s 375 Park Avenue, where it has had its New York City headquarters since 2013, according to the landlord. Asking rents range between $185 to $250 per square foot.

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The tenant will move from the 14th and 15th floors, where it occupied 22,000 square feet, to the entire seventh floor.

“Seagram has always and continues to be the iconic NYC office building and home to business,” Aby Rosen, principal of RFR, said in a statement.

Temasek was represented by Brian Goldman, Neil Goldmacher and Matthew Lorberbaum of Newmark (NMRK), while JLL (JLL)’s Peter Riguardi, Paul Glickman, Cynthia Wasserberger and Ben Bass as well as AJ Camhi and Paul Milunec of RFR negotiated on behalf of the landlord.

Newmark and JLL did not immediately respond to requests for comment.

Temasek has a company portfolio worth about $403 billion, which includes DBS Group Holdings, Singapore Telecommunications Limited and Mapletree Investments.

RFR has signed a number of other tenants recently in the 38-story building, which is almost fully leased. Tenants include Blue Owl Capital, which took 137,660 square feet in September, and private equity firm Clayton, Dubilier & Rice, which expanded to 70,000 square feet in May 2022.

In December 2021, wealth management firm Ehrenkranz Partners and financial consultant Investindustrial inked deals for a total of 27,097 square feet.

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