Private Capital Firm Churchill Expands to 78K SF at Seagram Building
By Amanda Schiavo November 25, 2024 12:24 pm
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Churchill Asset Management has renewed and expanded its offices at RFR Holding’s Seagram Building in Midtown.
Churchill, a Nuveen subsidiary that provides capital for privately owned, middle-market companies, has signed a 10-year, 78,163-square-foot lease at the 375 Park Avenue skyscraper, expanding its footprint by 26,062 square feet, according to the landlord.
The firm will be taking over the entirety of Seagram’s eighth floor with the new deal and also renewed the 52,124 square feet it occupies on the ninth and 10th floors. Asking rent was $225 per square foot. The New York Post first reported the deal.
“Seagram is known as the premiere hub of financial and business services in Midtown,” RFR’s AJ Camhi, who represented the landlord in-house with Paul Milunec, said in a statement. “The competition for space is notably fierce as a large percentage of existing tenants want to grow in place at Seagram. We are always pleased to partner with our tenants to accommodate growth whenever possible.”
Churchill was represented in the lease negotiations by Scott Vinett of Savills and Chris Joyner of Fischer Corporate Real Estate. Neither Vinett nor Joyner responded to requests for comment.
“As our firm and team continue to grow, we are excited to further expand our footprint at the Seagram Building,” Shai Vichness, chief financial officer at Churchill, said in the release. “The building’s central Midtown location and best-in-class service and amenities make it an ideal headquarters for our employees and clients.”
Churchill first signed on at the Seagram Building with a 52,144-square-foot lease in 2022. The new deal comes on the heels of another lease expansion and extension for RFR’s Seagram Building. Alternative investment firm Blue Owl Capital grew to 238,673 square feet across the building’s 16th to 19th floors, as Commercial Observer previously reported.
375 Park Avenue takes up the full stretch of Park Avenue between East 52nd and 53rd streets. Other tenants include investment company Freestone Grove Partners, Singapore-based investment firm Temasek International and financial services firm Strategic Value Partners.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
