Arbor Realty Doubles Lease at Manhattan Skyscraper
- Jan 31, 2020
Arbor Realty Trust has signed a 10-year, 36,248-square-foot renewal and expansion lease at The Seagram Building, one of Manhattan’s iconic skyscrapers. The real estate lender and investor previously occupied 16,000 square feet on the tower’s 34th floor and is now expanding to the entire 29th and 30th floors. Colliers International assisted Arbor in becoming the third largest tenant at the office property. RFR Realty represented the ownership in the negotiations.
The Arbor deal is in line with the recent leasing trend in Manhattan’s office market. According to the latest Transwestern report, the market saw a total of 8.3 million square feet of leased space in the fourth quarter of 2019, up 46 percent from the previous quarter.
RFR’s AJ Camhi and Kevin West represented the ownership in the deal, while Ted Koltis and Reid Longley of Colliers International negotiated on behalf of the tenant.
An iconic skyscraper
Located at 375 Park Ave. in Midtown Manhattan, the 859,433-square-foot tower is considered an architectural masterpiece. Architect Ludwig Mies van der Rohe designed the 38-story landmark as the U.S. headquarters of Seagram Liquor Co. The development team included Kahn & Jacobs as associate architects, Severud Associates as structural engineering consultants and Phillip Johnson as interior designer.
Completed in 1958 and renovated in stages between 2010 and 2017, The Seagram Building features 27,000 square feet of retail and floor plates ranging in size from 15,700 to 39,000 square feet. Amenities include a 150-car parking garage, a 26,000-square-foot terrace, a club, a lounge, a fitness center and electric car charging stations.
The 1.4-acre property is between 52nd and 53rd Streets in an area abounding in cultural institutions, fine dining and luxury shops. Located two blocks from Fifth Avenue, the tower is easily accessible by metro, bus and train, with Grand Central Station within walking distance.