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Seagram Building for sale

Move not related to company's merger with Vivendi, source says

NEW YORK — Gotham’s Seagram Building, corporate headquarters of the Seagram Co., has been quietly put up for sale by its owner, the Teachers Insurance & Annuity Assn.-College Retirement Equities Fund, sources said.

But Seagram’s lease has many more years to run, according to a source familiar with the situation, and the move is not related to the company’s merger with French conglom Vivendi. Seagram has several hundred employees at the midtown building, which the company sold to TIAA in 1979.

Universal Music is housed at 775 Broadway, and Seagram’s beverage group works mostly out of 800 Third Ave.

The giant pension fund has apparently asked the building’s management agent to consider offers for the property, which may be in need of some costly renovations. Other tenants include the Four Seasons restaurant and NASCAR.

The Seagram building, designed by German architect Ludwig Mies van der Rohe, opened in 1958.

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