Camhi and Milunec of RFR broker three lease renewals at Seagram

Manhattan, NY RFR’s Seagram building had three lease renewals among long-term tenants. Home Depot co-founder Ken Langone’s Invemed Associates and Bill Berkley’s Berkely Insurance Group have committed to lease renewals that will bring their tenancies at Seagram to 33 years and 17 years, respectively. Mubadala’s MIC Capital will renew and expand to 36,428 s/f, doubling its space at Seagram and lining up space that does not become available until 2027.

Ken Langone, founder and CEO of Invemed Associates, is a philanthropist and author of the New York Times best seller I Love Capitalism!. Invemed Associates, which operates as a private equity and investment banking firm, renewed its 7,000 s/f commitment at Seagram, signing an extension two years ahead of the original lease expiration, which was first executed in 1996. The deal extends the firm’s tenancy at the building to over 33 years.

Berkley Insurance Group, a subsidiary of W. R. Berkley Corp., has been a tenant at Seagram since 2014. The firm renewed its 18,214 s/f space, extending the company’s tenure to what will be over 17 years at the building. The firm’s executive chairman, Bill Berkley, founded W. R. Berkley Corp., a Fortune 500 property-casualty insurance holding company with assets in excess of $40 billion.

Mubadala’s MIC Capital Partners extended its existing lease through to 2044 and added another full floor comprising 18,214 s/f to its space commitment at Seagram. The firm is part of Mubadala Investment Group, United Arab Emirates sovereign fund/investor for the Government of Abu Dhabi. Mubadala is a $330 billion business that spans six continents with interests across multiple sectors and asset classes. MIC joined the roster at Seagram in 2018 and is now doubling in size and extending its term through 2044, bringing its commitment at the building to 26 years.

RFR was represented in-house by executive vice president and director of leasing, AJ Camhi and senior vice president Paul Milunec. Mubadala Investment Group was represented by Justin Aronson of CBRE.

“As renowned industry titans, Mr. Langone and Mr. Berkley add a larger-than-life energy to the diverse tenant mix at Seagram and complement a host of youthful, high-growth firms at the building,” said AJ Camhi of RFR. “The prestige of a Seagram address is universally sought after and we’re seeing long-term commitments from tenants ranging from savvy innovators to longtime business visionaries. At 99 percent occupancy, the competition for space here is still incredibly fierce.”