Global Holdings Secures $382M for Manhattan Office Asset

September 4, 2026

Finance Featured New York News More Northeast Office

The recapitalization will go toward a property renovation program.

Exterior shot of the 26-story office building at 120 Park Ave. in Midtown Manhattan. — The property at 120 Park Ave. will undergo a capital improvement program targeting the lobby and POP areas.
*Image courtesy of Yardi Matrix*

Global Holdings has obtained a $382.4 million refinancing loan for 120 Park Ave., its 620,000-square-foot office asset in Midtown Manhattan. Wells Fargo and LBBW co-originated the note, which includes $360.5 million in initial proceeds and retires the existing $335 million debt on the property.

The recapitalization comes quickly after Global Holdings renewed Bloomberg’s nearly 500,000-square-foot lease at the property, this past winter. The tenant currently occupies 20 out of the 26 floors, accounting for 80 percent of the rentable area, having extended its stay through February 2040.

July saw Manhattan average office listing rates climb 5.9 percent year-over-year to $71.95 per square foot, further widening the gap and distancing from all other U.S. markets. Ranking second and third nationwide across the same metric during the same month were San Francisco ($63.41 per square foot) and Miami ($60.33 per square foot), according to a recent Yardi Matrix office report.

Manhattan’s average vacancy rate in July registered a sharp 420-basis-point drop on a trailing 12-month basis to 10.2 percent, marking the lowest figure across the borough since the pandemic. Only Miami came in close to the borough’s value, at 11.6 percent, down 220 basis points during the same timeframe.

A closer look at 120 Park Ave.

The office building at 120 Park Ave. has been under Global Holdings’ ownership since 2008, when the company acquired it from Altria Group for $525.8 million, or $834 per square foot, according to Yardi Matrix information.

Completed in 1981, 120 Park Ave. features floorplates averaging 20,000 square feet. The refinancing will go towards a capital improvement program, which will target the lobby area, POP spaces and elevators. Recent renovations at the mid-rise include upgrades to the fifth and sixth floor windows and loggia.

The office building is directly across from Grand Central Station and seven blocks north of the Empire State Building. The property is also in proximity to Global Holdings’ other Midtown office assets, including the 757,154-square-foot Nomad Tower, the 600,000-square-foot 99 Park Ave. and the 250,000-square-foot 410 Park Ave.

Though listing rates continue to surge and vacancy to drop across Manhattan, office refinancing deals are still coagulated across Class A assets, while older, Class B properties are pushed to the side. Recent noteworthy refinancing deals across the borough include the recapitalization of 292 Fifth Ave., with a $228.9 million loan issued by Rialto Capital Management LLC and Hines to a joint venture comprising PGIM, Tribeca Investment Group and Meadow Partners.

Also in July, Vanbarton Group has secured a $352 million loan for 425 Lexington Ave., its 750,000-square-foot asset in Midtown and Rithm Capital Corp. landed $415 million for 31 W. 52nd St., its office tower in Plaza District. At the start of the summer, a partnership that includes Related Cos. and Oxford Properties Group obtained a $1.4 billion refinancing deal for the 1.8 million-square-foot 10 Hudson Yards office building.