RFR Holding is nearing a deal to refinance its Seagram Building in Midtown Manhattan for $1.2 billion, according to a report from Bloomberg.
A CMBS is being floated to investors in seven distinct portions, or tranches, the news outlet said. They would have the highest AAA ratings assigned by Fitch Ratings, and Kroll Bond Rating Agency. Morgan Stanley would be the lead bank on the deal.
A Kroll report citing an appraisal from Newmark found that the Seagram Building was valued at about $1.83 billion in January.
Recommended For You
The pricing for the deal is expected to happen next week.
The 38-story building on Park Avenue consists of floor sizes ranging from 15,700 to 39,100 square feet. Some notable features at the Seagram Building include floor-to-ceiling windows, a loading dock, 24/7 building access, parking, EV charging, and bike storage. Plus, there are some other amenities including a playground, conference center, and restaurants.
As of January, the building was 96.3 percent leased to roughly 40 tenants, according to Kroll. Blue Owl, which signed a 239,000-square-foot lease extension and renewal in October, pays the largest share of base rent at the property at 31 percent, Kroll reported. The investment management firm is followed by TIAA of America (9.8%), Centerbridge Partners (5.5%), Advent International (5.0%), and Arbor Realty Trust (4.8%), in terms of the largest share of base rents.
In December 2023, RFR completed a $1.1 billion recapitalization of the Seagram Building.
RFR manages 12 other office properties in New York, according to its portfolio. It also holds assets in other key markets including Miami, Seattle, San Francisco, and Stamford, Connecticut. The New York-based firm's portfolio included more than 100 commercial properties, as of December.
On the Seagram deal, RFR is being advised by Eastdil Secured.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
