Latest Extension/Expansion Deal Brings Seagram Building to Near Full Occupancy
Anchor tenant Blue Owl Capital recently signed a lease extension that will increase its footprint in the approximately 860,000-square-foot Seagram Building to nearly 240,000 square feet. The global alternative asset manager initially relocated to 375 Park Avenue in 2022 from nearby 399 Park Avenue, upon signing a lease for 137,600 square feet spread across the entire 2nd through 5th floors that features two private 5,000-square-foot terraces on the 5th floor. In 2023, Blue Owl added 31,597 square feet on the 6th floor and the latest extension includes a further expansion of 70,076 square feet on the entire 16th through 19th floors, bringing occupancy within the 38-story tower to nearly 100 percent. Terms of the lease were not released. Tenant amenities at the building include the “Seagram Playground,” a 34,000-square-foot space included in 2022 that includes a “court for basketball, pickleball, floor hockey and other sports; a rock-climbing wall; a townhall featuring bleacher-style seating that can accommodate 240 people; and a 40-seat executive boardroom.”