New York City's iconic Seagram Building — long a dazzling example of Deco design — is getting attention for finance, not fine art, at the moment. The building's owner, RFR Realty, exercised a second one-year maturity extension on the building's $764 million loan, according to Moody's.

Last year this loan was the third largest to get an extension, right behind the Willis Tower at $1.3 billion and 280 Park Avenue at $1.0 billion, according to Moody's. "Since their initial extension in May 2023, RFR has prepaid $13.75 million on the principal, most likely a part of the extension agreement."

RFR has had problems leasing the building up, Moody's wrote, since Wells Fargo, the trophy office's largest tenant at 250,000 square feet, moved to 30 Hudson Yards after the lease expired in 2021. That sent occupancy tumbling from 94% to 63%.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.