Wealth management firm Ehrenkranz partners and financial advisor Investindustrial signed offers for a total of 27,097 square feet on Seagram Building in two of the largest recent expansions and new leases in RFR Real Estate property.
Ehrenkranz snagged 17,519 square feet across the entire 21st floor of the approximately 850,000 square foot building under a 10-year lease. Asking rent was between $160 and $170 per square foot for the wealth manager and Investindustrial, according to an RFR spokesperson.
Ehrenkranz plans to start building its space in the 38-story building at 375 park avenue January 1st. The company has occupied premises in the Seagram building for several decades, according to RFR.
“The Seagram Building has been a wonderful home, and we expect a bright future here,” Joel Ehrenkranz, founding partner of Ehrenkranz, said in a statement. “We appreciate that RFR continues to invest in a competitive and desirable building.”
Investindustrial, which has occupied space in the building since 2010, took 9,578 on the 26th floor, which will more than double its space on the 375 Park Avenue property. Investindustrial also plans to move on January 1, according to RFR. Both transactions were completed last week.
“The ability to provide employees with equipment that amazes is extremely important today’s high-end desktop users,” AJ Camhi, who represented RFR in the transactions, as well as Paul Milunec, said in a statement.
Camhi added in the statement that the building’s new 34,000-square-foot amenity portion, dubbed “Seagram Playground,” helped convince Ehrenkranz and Investindustrial to stay in the building. The complex includes fields for several sports, a climbing wall, a town hall for large events and smaller function rooms.
CBREit is Mary Ann Tighe, Ben Friedland and Tamika Kramer represented Ehrenkranz and CBRE justin aronson and NYC Real Estate Advisors‘ Thomas Birnbaum represented Investindustrial. CBRE declined to comment on the agreements.
The landlord has also signed up several new, smaller tenants in the building: a private equity firm CapVest, which took up 3,280 square feet; investment company Capital of Decheng, which snagged 2,011 square feet; Pantera Capital, a cryptocurrency-focused asset manager, which signed a deal for 3,180 square feet; and real estate developer Skyway Stocks, which took up 2,251 square feet.
Financial planner Capital of Point Brant and Ontario Teachers’ Pension Plan both renewed business spaces, for 5,473 square feet and 2,953 square feet, respectively.
JLLit is Ben Bass and Harrison Potter represented CapVest. Cushman Wakefieldit is Brian Solder handled it for Decheng Capital. Necklaces‘ Jack Senske and Sheena Gohil brokered the deal for Pantera Capital. Premier Manhattan Realtyit is Jonathan Anapol represented Skyway Equities.
Combined, recent transactions in the Seagram Building totaled approximately 46,000 square feet.
Update:This story has been updated to include Birnbaum of NYC Realty Advisors, who represented Investindustrial in the transaction.
Celia Young can be contacted at [email protected].