Clayton, Dubilier & Rice Expands to 70,000 Square Feet and Extends Life of RFR’s Seagram Building

RFR today announced that private equity firm Clayton, Dubilier & Rice (CD&R) has signed a lease to extend its term and expand its presence at the Seagram Building by leasing another full floor. The global private equity firm, which has been headquartered in Seagram for nearly three decades, now occupies 70,000 square feet, controlling four full, long-term floors in the building. In total, RFR recently signed six deals at Seagram comprising over 122,000 square feet.

AJ Camhi and Paul Milunec of RFR represented the property in recent rental transactions. Andrew Sachs and Ben Shapiro of Newmark represented CD&R during the renewal and expansion.

“The sprawling SEAGRAM PLAYGROUND complex provides a truly incredible experience and has been a powerful driver of interest for new and existing tenants,” said AJ Camhi, Executive Vice President and Chief Leasing Officer of RFR. “No other building in New York City has such an outstanding suite of amenities. Premier tenants understand the recruiting and retention value of having a unique amenity offering available to them when employees return to the office.”

Driven in part by unique amenities, Seagram’s recent leasing activity has included companies renewing and expanding the building as well as a new lease, with asking rents ranging from $155 to $200 per square foot:

  • Sound Point Capital, an asset management firm (represented by CBRE’s Chris Corrinet, Ben Friedland and Silvio Petriello), expanded a full floor and extended its long-term term to a total of 30,728 feet squares.
  • A renewed institutional investment management firm for 12,739 square feet.
  • Horace W. Goldsmith Foundation, a charity that supports arts, culture and education, renewed for 5,000 square feet of space.
  • Pantera Capital, a blockchain-focused institutional asset manager (represented by Sheena Gohil and Jack Senske of Colliers), has expanded to 5,491 square feet.
  • Property owner and developer Landis Group has signed a new lease in Seagram taking 2,381 square feet of space.

The building is known for its classic modern design and distinctive amenities. The SEAGRAM PLAYGROUND and Conference Center, a 34,000 square foot multi-level complex, will be unrivaled in New York upon completion in July 2022 and represents a holistic approach to social and professional well-being:

Aptitude, with a sports court for basketball, pickleball, floor hockey, volleyball and more; climbing wall; pilates fitness area; HIIT Zone (High Impact Interval Training); spin studio; weight training area; and cardiovascular exercise zone.

Welfare, with a stretch zone, core strengthening zone; and changing rooms with showers.

Social cooperation, with a town hall with bleachers to accommodate 240 people; conference room that can accommodate 40 people; flexible room with dynamic seating configurations for symposia, trainings, meetings and more; multipurpose room for music, art, wine tastings, etc. ; lounge area with coffee and juice bar; and private phone booths.

Access to the SEAGRAM PLAYGROUND is provided free of charge to building tenants for their exclusive use and complements the Seagram Building’s long-standing amenities offering, including the restaurant and the unrivaled event spaces of the Grill, Pool and the Lobster Club; the Seagram Outdoor Terrace and Lounge; parking in the building for motor vehicles and bicycles with direct elevator access to the lobby; and the installation of contemporary artwork in common areas on a rotating basis.

In addition, the Terrace Lounge at 11and the floor is accessible to certain tenants via a private elevator. Staffed with a coordinator, it features a 5,000 square foot outdoor terrace with a variety of seating options, a library with curated content and periodicals, and a full-scale media screen for streaming content or presentations .

“We pioneered the next-generation desktop experience model,” Camhi said. “While tenants have always been drawn to the allure of having a space at Seagram, today’s evolution highlights the benefits of a forward-thinking approach to attracting and retaining high-end office users.”

The Seagram Building is recognized as one of the greatest architectural masterpieces in the world. The iconic building designed by legendary architect Ludwig Mies van der Rohe is his only work in New York and was completed in collaboration with Philip Johnson.

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Michael J. Chiaramonte