(Bloomberg) -- Global alternative asset manager Blue Owl Capital Inc. is taking more office space at Manhattan’s landmark Seagram Building.
The firm is extending its lease at 375 Park Ave. and expanding its footprint to 238,673 square feet (22,173 square meters), a nearly 42% increase from its current space, according to a statement Tuesday. Blue Owl will occupy the second through sixth floors, as well as the 16th through 19th stories at the Midtown tower.
Blue Owl, with more than $192 billion in assets under management, signed its first lease at the Seagram Building with landlord RFR in 2022. The firm’s space includes two private, 5,000-square-foot outdoor terraces.
“Seagram is an iconic New York City building with world-class amenities and a top-notch management and service team,” Blue Owl Chief Operating Officer Andrew Polland said in the statement. “Our initial Seagram floors, including our conference center and employee cafeteria with two adjacent terraces, has been positively received by our team, and has only enhanced the collaborative culture we are focused on maintaining across the firm.”
Manhattan’s office market has struggled with high vacancies since the pandemic. Yet well-located buildings that are newly constructed or renovated with updated amenities have attracted many tenants looking to attract and retain employees.
RFR has invested $25 million to create the Seagram Playground, a 34,000-square-foot complex completed in 2022 that includes a rock climbing wall, sports court and wellness center. The building — at 53rd Street and Park Avenue, a short walk from Grand Central Terminal — is seen as an architectural masterpiece.
With Blue Owl’s deal and other space commitments signed at the Seagram Building, the property is nearly fully leased, according to RFR.
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