Blue Owl Capital Expands Lease At Seagram Building In Midtown Manhattan To 238673 SF
375 Park Avenue
Building Size
238,673 SF
Asset Type
Office
Closing
Oct 29, 2024
AI
The property asset involved in this transaction is located at 375 Park Avenue in Midtown Manhattan. The asset is an office space with a total square footage of 238,673. Blue Owl Capital has expanded its lease at the Seagram Building, adding an additional 70,076 square feet across floors 16-19.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 375 Park Avenue
- Market: Midtown Manhattan
- Landlord: RFR Realty
- Tenant: Blue Owl Capital
- Brokers: AJ Camhi & Paul Milunec - RFR Realty
Mark Weiss from Cushman & Wakefield represented Blue Owl Capital in this lease transaction, while the landlord representation was handled internally by RFR Realty.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93