Blue Owl Capital Expands to 239K SF at RFR’s Seagram Building
By Isabelle Durso October 15, 2024 2:26 pm
reprints
Alternative investment firm Blue Owl Capital has expanded its footprint at RFR Holding’s Seagram Building by 42 percent, growing to 238,673 square feet across multiple floors, RFR announced Tuesday.
Blue Owl will renew its existing 168,597-square-foot office on the second through sixth floors and take an additional 70,076 square feet on the 16th through 19th floors of the office tower at 375 Park Avenue, according to RFR.
“It’s been a pleasure partnering with Blue Owl over the past two years as they continue to grow and acquire other companies,” AJ Camhi, executive vice president and director of leasing at RFR, said in a statement.
“Blue Owl has a definitive appreciation for the history of this iconic building, and we are excited to share the same commitment to providing the best-in-class service and remarkable experiences as we continue to build on our strong relationship,” Camhi added.
The length of the lease and the asking rent were unclear, but when the firm leased space at the tower in 2022, the building had an asking rent of $200 per square foot, as Commercial Observer previously reported.
Cushman & Wakefield (CWK)’s Mark Weiss brokered the deal for the tenant, while RFR was represented in-house by Camhi and Paul Milunec. A spokesperson for C&W declined to comment. BNN Bloomberg first reported the deal.
Blue Owl first signed a lease at 375 Park Avenue in 2022 for 137,660 square feet, as CO previously reported. The firm ended up adding 31,597 square feet in 2023, according to RFR.
Blue Owl’s office space at the Seagram Building — which is now nearly 100 percent occupied — will feature two private outdoor spaces on the fifth floor and amenities such as RFR’s recently completed 34,000-square-foot Seagram Playground with sports courts and a wellness center, according to the landlord.
“Seagram is an iconic New York City building with world-class amenities and a top-notch management and service team,” Blue Owl Chief Operating Officer Andrew Polland said in a statement. “RFR has proved to be an excellent partner in supporting our continued growth, as exhibited by this recent four-floor expansion, and we are excited to be the anchor Seagram tenant for many years to come.”
Isabelle Durso can be reached at idurso@commercialobserver.com.
