MIC Capital Partners, the private equity arm of the $330 billion United Arab Emirates sovereign wealth fund Mubadala Investment, has expanded its footprint at New York’s famed Seagram Building.
MIC, an Abu Dhabi-based firm with interests spanning six continents and multiple sectors and asset classes, added one full floor, or 18,214 square feet, to 54,642 square feet across three floors at 375 Park Ave. in a 25-year lease, landlord RFR said Wednesday in a statement. MIC, which first became a tenant at the Park Avenue property in 2018, last year doubled its space by one floor.
The asking rent was $285 per square foot, RFR said. That was almost triple the $99 per-square-foot asking rent in the surrounding Plaza District, the largest U.S. office cluster, where the average asking rent was already the highest in the New York metro area, according to CoStar data.
The asking rent for the overall New York market has reached a record $63.72 per square foot, 75% higher than the U.S. number — also a record high — of $36.46 per square foot, CoStar data shows.
The property is 98% occupied with MIC’s expansion, an RFR spokeswoman told CoStar News.
The lease expansion comes as the Seagram Building closed last year with Manhattan’s biggest number of lease transactions topping $200 per square foot, a JLL study found.
Well-resourced tenants paying top dollar for premium space against limited supply have driven the number of Manhattan’s top-dollar deals signed last year to a record 313 leases at $100 per square foot or more, well past 2024’s record of 212 leases, according to the study. The corporate-headquarters-heavy Park Avenue remained the most sought-after corridor. Major office landlords have said the vacancy rate in the coveted stretch near Grand Central Terminal is in the single digits.
The 39-story Seagram Building, between 52nd and 53rd streets, was designed by architects Ludwig Mies van der Rohe and Philip Johnson and completed in 1958. The midcentury modern tower was Mies’ only New York creation. Amenities include a 34,000-square-foot space with multisport courts, a rock-climbing wall and a 240-person town hall for meetings.
For the record
RFR was represented in house by AJ Camhi, executive vice president and director of leasing, and Paul Milunec, senior vice president. MIC was represented by Justin Aronson of CBRE.