Global Holdings Signs New Tenant at NYC Office Tower
The soon-to-be-renovated Midtown property is now fully leased.
Southern Land Co. has agreed to occupy 13,000 square feet at Global Holdings Management’s 99 Park Ave. office tower in New York City. The real estate development firm’s relocation to the 600,000-square-foot building in Midtown Manhattan’s Murray Hill neighborhood will bring the Class A asset to full occupancy.
Over the last nine months, 99 Park Ave. saw 300,000 square feet of leasing activity, including various lease extensions and expansions. Earlier this year, Geller & Co. signed a 45,290-square-foot lease agreement for the company to move its headquarters to the tower. In April, Amalgamated Bank signed a 94,045-square-foot, 15-year lease to occupy the building’s second, third and fifth floors.
JLL’s team of Vice Chairman Paul Glickman, Senior Vice Presidents Diana Biasotti and Harrison Potter, and Executive Vice President Kristen Morgan worked alongside Global Holdings’ Senior Vice President Craig Panzirer and Director of Leasing Alex Radmin to outline the lease. In the transaction, JLL’s Vice Chairman Ben Bass and Senior Vice President Seth Godnick represented Southern Land.
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The company will be moving from 75 Rockefeller Center to 99 Park Ave.’s fourth floor. The building is undergoing a $30 million repositioning program. Upgrades will include a lower-level conference and amenity center, a two-story lobby, a speakeasy lounge, a golf simulator and other tenant amenities. The renovation project is scheduled for completion in 2026.
The 26-story Midtown building was originally built in 1953. CommercialEdge shows that Global Holdings purchased the property in 1991 for $104.5 million from The Equitable Life Assurance Society of the United States. Southern Land Co. will join a tenant roster that includes Garan, Amalgamated Bank, Pret and Bosley, among others.
Leasing activity in Manhattan starts strong
In the first quarter of 2025, Manhattan’s leasing activity rose 11.6 percent to 11.4 million square feet, the strongest quarterly volume the area experienced since the fourth quarter of 2019, according to a Colliers report. The uptick also marked the borough’s fourth consecutive quarter of rising demand and the strongest first-quarter leasing performance since 2014.
As return to office policies continue to be implemented, Manhattan’s asking rents increased by 1.5 percent to $74.53 per square foot.
A variety of companies are expanding their office footprint in the market. This month, AlphaSense, an AI platform, signed a lease agreement at 441 Ninth Ave. The new office will act as the growing company’s new headquarters.
Global insurance and investment organization Starr recently expanded at 1177 Avenue of the Americas with a 49,264-square-foot lease. Now the company occupies the seventh and eighth floors of the building under a multi-year agreement.
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