A
by Rosen's Blue Owl Capital has secured a significant expansion at the iconic Seagram Building, 375 Park Avenue. The global alternative asset manager has extended its lease and increased its space by 70,000 square feet to a total of 239,000 square feet. This brings Blue Owl's footprint in the building to the 16th through 19th floors, while it retains its offices on the second through sixth floors.

    Blue Owl, which manages over $192 billion in assets, originally signed a lease for 137,600 square feet in 2022 and added an additional 31,600 square feet last year. The firm's new deal brings the Seagram Building close to full occupancy, according to RFR Realty. Blue Owl was represented by Mark Weiss of Cushman and Wakefield, while RFR Realty was represented in-house.

    The expansion includes two private outdoor terraces on the fifth floor, each spanning 5,000 square feet. RFR has also added a 34,000-square-foot amenity area called the Seagram Playground in 2022. Rosen expects 375 Park to reach over 350,000 square feet in leasing commitments this year.

    The Seagram Building, completed in 1958 and designed by Ludwig Mies van der Rohe, is one of several architecturally significant Manhattan office properties acquired by Rosen before the pandemic. However, Rosen's company has faced challenges with debt and revenue at other properties, including 90 and 522 Fifth Avenue and 17 State Street.