JLL to Market Anchor Space at Manhattan’s Seagram Building

Wells Fargo recently departed the 62-year-old Midtown landmark for brand-new space at Hudson Yards.
Seagram Building. Image courtesy of RFR Realty

With Wells Fargo departing the Seagram Building in Midtown Manhattan for 30 Hudson Yards on the Far West Side, RFR Realty LLC has turned to JLL to handle leasing for the 272,628-square-foot block of space now available in the iconic office tower at 375 Park Ave.

As the exclusive leasing agent for the space, JLL will provide a full range of marketing and leasing services. Overseeing the leasing assignment are Peter Riguardi, chairman & president of JLL’s New York operations; Paul Glickman and Cynthia Wasserberg, vice chairmen; and Benjamin Bass, managing director. They will work closely with AJ Camhi, RFR’s executive vice president & director of leasing.

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Glickman said in a prepared statement the team will leverage the classic features, robust infrastructure, outdoor roof terraces, plaza and Park Avenue location, large efficient floor plates and significant branding opportunities of the landmark building with its updated and industry-leading amenities to appeal to tenants seeking a large headquarters space.

Considered an architectural masterpiece, the 38-story, 859,433-square-foot tower is the only New York City building designed by legendary architect Ludwig Mies van der Rohe. It was completed in 1958 and served as the U.S. headquarters for the Canadian liquor company Joseph E. Seagram & Sons. RFR acquired a majority stake in the iconic building, located between 52nd and 53rd Streets, in 2000 and later took full control. The Seagram Building has 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, 26,000-square-foot terrace, a club, lounge, fitness center and electric car charging stations. The building features art exhibitions on the plaza and in the lobby and is home to two highly acclaimed restaurants, The Grill and The Lobster Club.

Tenant Moves

Wells Fargo, one of the world’s largest financial services firms, had been at the Seagram Building since 2004. Last month, the firm finished its move into its new space totaling more than 500,000 square feet at the 73-story 30 Hudson Yards, which opened in March 2019 at 33rd Street and 10th Avenue as part of the massive Hudson Yards mega-development.

While Wells Fargo was leaving, Arbor Realty Trust was signing a 10-year, 36,248-square-foot renewal and expansion lease at the Seagram Building. The real estate lending and investment firm had previously occupied 16,000 square feet on the 34th floor and has now expanded to the take the entire 29th and 30th floors. The deal, signed late last month, makes Arbor the third largest tenant at the office tower. The asking rent on those floors was $185 per square foot, according to published reports.

Other tenants include the law firm Fried Frank, JSF Capital, Brant Point Investment Management, Carlson Capital LP, Strategic Asset Services, and Servcorp. Beverage company Hans Holterbosch Inc., which has been a tenant for more than 50 years, renewed its lease in 2017 on a long-term basis.