MIC Capital Partners Expands to 36K SF at RFR’s Seagram Building

MIC Capital Partners, the asset management arm of Mubadala Investment Company, has doubled its office space at RFR Holding’s Seagram Building, Commercial Observer has learned.

The state-owned global investment firm, which is one of the sovereign wealth funds of the government of Abu Dhabi, has renewed its existing 18,214-square-foot office at 375 Park Avenue and tacked on an additional 18,214-square-foot full floor, bringing its total footprint to 36,428 square feet, according to the landlord.

MIC Capital, which has been a Seagram Building tenant since 2018, extended its lease through 2044 as part of the deal, RFR said. The firm’s new space, however, won’t become available until 2027.

“The prestige of a Seagram address is universally sought after, and we’re seeing long-term commitments from tenants ranging from savvy innovators to longtime business visionaries,” AJ Camhi, executive vice president and director of leasing at RFR, said in a statement. “At 99 percent occupancy, the competition for space here is still incredibly fierce.”

The current asking rent at the building is $285 per square foot, RFR said.

CBRE’s Justin Aronson brokered the deal for the tenant, while RFR was represented in-house by Camhi and Paul Milunec. Spokespeople for Mubadala and CBRE did not immediately respond to requests for comment.

But MIC Capital isn’t the only tenant staying put at the Seagram.

Berkley Insurance Group, a subsidiary of William Berkley’s W.R. Berkley Corporation and a tenant at the building since 2014, renewed its 18,214-square-foot office for roughly six more years, RFR said.

Meanwhile, private equity and investment banking firm Invemed Associates, led by Home Depot co-founder Ken Langone, signed a nearly four-year renewal for its 7,000-square-foot office at the property, according to RFR. Invemed has been a tenant there since 1996.

“As renowned industry titans, Mr. Langone and Mr. Berkley add a larger-than-life energy to the diverse tenant mix at Seagram and complement a host of youthful, high-growth firms,” Camhi said in a statement.

A spokesperson for Berkley did not immediately respond to a request for comment, while a spokesperson for Invemed could not be reached for comment.

The landmarked Seagram, between East 52nd and East 53rd streets, has amenities including in-building parking, bike storage and the 34,000-square-foot Seagram Playground, which features a rock climbing wall and a 240-person town hall meeting space, RFR said.

Other tenants of the 38-story building include private capital firm Churchill Asset Management, private equity firm Advent International, Singapore-based sovereign wealth fund Temasek and alternative investment firm Blue Owl Capital, which expanded its footprint to 238,673 square feet in October.

Fine dining restaurant the Grill, event venue the Pool and Japanese restaurant the Lobster Club are also in the building’s retail space.

Isabelle Durso can be reached at idurso@commercialobserver.com.