Singapore’s Temasek Expands Presence In New York’s Seagram Bldg
USA – Singapore sovereign wealth fund Temasek has increased its office footprint in Manhattan’s iconic Seagram Building, where the office occupancy rate has risen to about 95 percent, even though the office vacancy level in New York has hit new record highs, according to a recent report from the Commercial Observer.
The news outlet revealed that the Singaporean entity renewed its office lease at the commercial property. In particular, Temasek inked a 15-year lease, but it will be transferring to level 7, which spans 26,062 sq ft. At present, the sovereign wealth fund occupies 22,000 sq ft of office space on level 14 and 15.
Notably, Temasek’s New York City headquarters has been housed within the Seagram Building since 2013. Located at 375 Park Avenue, office rents at the property ranges from US$185 psf to US$250 psf per month.
“Seagram has always and continues to be the iconic New York City office building and home to business,” commented Aby Rosen, Principal of the commercial property’s owner RFR Holdings.
Newmark’s Matthew Lorberbaum, Neil Goldmacher, and Brian Goldman negotiated on behalf of the tenant, while Ben Bass, Cynthia Wasserberger, Paul Glickman, and Peter Riguardi of Jones Lang LaSalle (JLL) represented the office landlord.
Aside from that, several other tenants committed to lease office space in the 38-storey Seagram Building over the past three years. These include private equity firm Clayton, Dubilier & Rice, which expanded its office foot print in the commercial property to 70,000 sq ft last May.
In September 2022, investment asset management firm Blue Owl Capital agreed to occupy 137,660 sq ft of workspace there.
Furthermore, financial consultant Investindustrial and wealth management company Ehrenkranz Partners committed to lease a combined 27,097 sq ft of office space in Seagram Building in December 2021.