(Bloomberg) -- Private equity firm Advent International is moving its offices to Manhattan’s Seagram Building. 

The company is taking 34,000 square feet (3,160 square meters) of space at the Park Avenue tower, signing a 10-year lease for the entire 14th and 15th floors, according to a statement Friday. 

Its landlord, Aby Rosen’s RFR, signed more than 100,000 square feet of new leases and renewals last year, with firms such as Fintech Advisory and law firm Perez-Llorca. Asking rents at the building are $235 per square foot.

“It’s one of the most active buildings, if not the most active building, in our portfolio,” AJ Camhi, an executive vice president at RFR, said. “Tenants are willing to pay rents at the height of the market if they’re getting great product that’s well-located, with good ownership, and a highly-amenitized office building.”

Manhattan’s office market has taken a hit over the past few years as more firms have allowed remote work and sought to cut costs. The drop in demand has left roughly a fifth of New York’s offices available for rent. Tenants in the market for space are gravitating toward newly developed or renovated towers close to transit hubs, such as the former Exxon Building and a redeveloped tower at 550 Madison Ave. 

The Seagram building, at 375 Park Ave., counts Blue Owl Capital Inc. and Centerbridge Partners among its tenants. Advent’s new lease will expand the firm’s office footprint in Manhattan. The private equity firm was represented by OPEN Impact Real Estate, a woman-owned brokerage, in the negotiations.

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