Private Equity Firm Advent International Doubling Footprint in Move to Seagram Building
By Mark Hallum February 23, 2024 11:54 am
reprints
Private equity firm Advent International is packing its bags but keeping it local in a move to RFR Holding’s Seagram Building.
The company signed a 10-year lease for 34,000 square feet on the 14th and 15th floors of the building at 375 Park Avenue, according to the landlord. Asking rent was $235 per square foot.
Advent is relocating from 12 East 49th Street, also known as Tower 49, where it leased 16,000 square feet in early 2015. The company’s current and future offices are about five blocks apart.
“The flight to quality is clear as demand for space at Seagram and along Park Avenue remains strong,” AJ Camhi, who represented RFR in-house with Paul Milunec, said in a statement. “As asking rents reach new highs, Seagram continues to be an international icon and defines the bar for success in the office sector.”
Lindsay Ornstein, Patrick Robinson, Casey Noel and Kate Whitman of Open Impact Real Estate negotiated on behalf of Advent International in the deal.
“Through our active collaboration with RFR, Open was able to structure an off-market transaction for Advent enabling them to accommodate its growth in the ideal location at one of the most iconic buildings in NYC,” Ornstein said in a statement.
RFR secured a $1.1 billion refinancing from JVP Management in December 2023 that replaced a $789 million senior commercial mortgage-backed securities loan.
The landlord said it expects a strong 2024 of leasing in the building. Part of the RFR’s confidence stems from 100,000 square feet of leasing completed in the building in the last year, as well as major signings such as alternative investment firm Blue Owl Capital, which leased 137,660 square feet in September 2022.
This was in spite of private equity firm Clayton Dubilier & Rice announcing it would leave its 70,000 square feet in the building in favor of 144,000 square feet at 550 Madison Avenue in June 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
