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RFR Holdings Closes on Seagram Building

NEW YORK CITY-TIAA-CREF paid about $70 million for the property more 20 years ago and sold it for $375 million. Leases for three-quarters of the tenants will expire within five years.

By John Howe | Updated on December 14, 2000

NEW YORK CITY-Last summer, TIAA-CREF put the Seagram Building, one of the city’s trophy properties, up for sale for a reported asking price of $350 million. Today, RFR Holding LLC closed on the landmark at 375 Park Ave. between 52nd and 53rd Streets for $375 million. Tenants in the 820,000 sf, 38-story building include Joseph E. Seagram & Sons, Alleghany Corp., Montgomery Securities, NASCAR, Fiat USA, Exxon-Mobile, DaimlerChrysler and the Four Seasons restaurant. Leases for three quarters of the building’s tenants are set to expire within five years.

Commenting on the purchase, RFR Holdings principal Aby Rosen says, “based on the property’s central location and superior design, we believe the building will attract credit-worthy corporate tenants regardless of the ups and down of the real estate market.” The firm also owns the nearby Lever House, which it bought two years ago and renovated for multiple tenants. RFR Holdings also owns 16 other office buildings in Manhattan.

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