NEW YORK, Jan. 23, 2014 /PRNewswire/ — RFR Realty LLC today announced that Arden Asset Management has signed a 17,500-square-foot full-floor lease renewal at 375 Park Avenue, also known as the Seagram Building. Founded in 1993 by Averell H. Mortimer, Arden Asset Management, which specializes in providing alternative investment solutions, including creating and managing portfolios of hedge funds using a research-driven investment process, has been a tenant in the landmark building since 2005 and agreed to renew its headquarters lease on the 32nd floor for an additional 10 years.
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"The level of leasing activity at 375 Park Avenue for year-end 2013 totaled over 100,000 square feet, and that momentum has persisted into 2014," said Steve Morrows, executive vice president and director of leasing at RFR Realty LLC, who represented the ownership in-house in the lease negotiations. "The commitment with Arden Asset Management is a testament to the building's outstanding pedigree, as it houses some of the world's finest private equity firms, hedge funds and family offices. In order to best serve these premier tenants, we will launch several building enhancements throughout the year, including a 375 Park Avenue Limited Edition Prebuilt Collection that will offer unique high-end designs tailored to the personality and identity of each tenant as well as an amenity space with a 10,000-square-foot terrace."
The deal with Arden Asset Management comes on the heels of a new commitment with David Martinez-owned investment firm Fintech, which has been a tenant in the landmark building since 1994 and renewed its lease on the 38th floor for an additional 10 years.
Designed by noted architects Ludwig Miles van der Rohe and Philip Johnson, 375 Park Avenue was completed in 1958 and remains today one of the finest examples of the functionalist design aesthetic and a masterpiece of corporate modernism. Acquired by RFR in 2000, the building has since undergone a comprehensive capital improvements campaign, which included a broad elevated plaza along Park Avenue that features symmetrically designed fountains and landscaping, a 150-car parking garage with waiting lounge and two of Manhattan's most exclusive restaurants: Four Seasons and Brasserie. 375 Park Avenue offers refined luxury office interiors with panoramic views of the Manhattan skyline coupled with 24/7 building access, convenient proximity to public transportation and a prestigious tenant roster that includes some of the world's great financial powerhouses and Fortune 500 companies.
Arden Asset Management was represented in the lease negotiations by Brian Goldman, Neil Goldmacher and Erik Harris on Newmark Grubb Knight Frank.
About RFR
RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990's, the firm has been an active force in the New York City and German real estate market for much of the past two decades. RFR's portfolio has grown to include more than 100 properties located in select domestic and international markets. While its property portfolio is anchored in the Manhattan and key German commercial markets, RFR also has significant commercial, residential, hotel, and retail holdings. RFR has a proven track record of adding significant value to the properties it acquires through property-level repositioning and strategic financial engineering. RFR has created an organization with deep experience in all phases of the property life cycle and is positioned to take advantage of market opportunities.
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