![\"A](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/99-park-avenue-2-e1741180936691.png?w=1024\"\/)
The 1953-built office building known as 99 Park Ave. is currently undergoing several upgrades, such as an enhanced lobby, among others. All images courtesy of Global Holdings<\/figcaption><\/figure><\/li> ![\"A](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/99-park-avenue-3.png?w=1024\")
A rendering of an updated building entrance and facade.<\/figcaption><\/figure><\/li> ![\"A](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/99-park-avenue-4.png?w=1024\")
The property will feature a tenant amenity center and several entertainment spaces.<\/figcaption><\/figure><\/li> ![\"Exterior](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/99-park-avenue-1.jpg?w=683\")
99 Park Ave. rises 26 stories in Manhattan’s Murray Hill neighborhood.<\/figcaption><\/figure><\/li><\/ul><\/a><\/a><\/a> <\/div><\/div><\/div>\n\n\n\nThe property is now 77 percent leased. Its anchor tenant Metropolitan Commercial Bank signed a renewal and expansion agreement<\/a> back in December, bringing its total footprint to 81,979 square feet. Other notable tenants include The Ayers Group, Riveria Investment Group, New York Bankers Association, Windsor Properties, Flushing Bank and Keller Williams, CommercialEdge shows.<\/p>\n\n\n\n
Global Holdings acquired the building in 1991 for $104.5 million from The Equitable Life Assurance Society of The United States, according to CommercialEdge data. The tower is currently subject to a $250 million loan held by Landesbank Baden-Wurttemberg Bank, the same source shows.<\/p>\n\n\n\n
The JLL team included Vice Chairman Paul Glickman, Senior Vice President Diana Biasotti, Associate Vice President Kristen Morgan and Associate Harrison Potter.<\/p>\n\n\n\n
An upcoming revamped high-rise<\/h2>\n\n\n\n
Originally designed by Emery Roth & Sons, the office tower dates to 1953 and underwent cosmetic renovations in 2005. The property features 12,000 square feet of first-floor retail space, a fitness center and 100 vehicle parking spots.<\/p>\n\n\n\n
The owner is currently implementing a $30 million capital improvement program within the building, with renovations led by VOCON. Plans include an updated lobby, amenity center, the addition of a conference center, lounge, barber shop and salon, as well as golf simulator and bowling valley. Renovations are expected to reach completion during summer next year.<\/p>\n\n\n\n
Situated within the borough\u2019s Murray Hill neighborhood, 99 Park Ave. is close to Grand Central Terminal and to Bryant Park, while John F. Kennedy International Airport is 15 miles away.<\/p>\n\n\n\n
Manhattan’s vacancy lowest among the Northeast<\/h2>\n\n\n\n
The national office vacancy rate reached 19.7 percent in January, up 180 basis points year-over-year, according to the latest CommercialEdge report<\/a>. Every office market experienced jumps in vacancies, with five of the top 25 U.S. metros recording surges of more than 500 basis points.<\/p>\n\n\n\n
Despite this, in the first month of 2025, the Northeastern markets kept their rates below the national average. Manhattan’s office real estate trends<\/a> show that the metro registered the lowest vacancy rate in this region, with 16.6 percent as of January, marking only a 10-basis-point increase.<\/p>\n\n\n\n
Notable leases in the borough signed since the start of the year include Newmark’s recent 15-year renewal and expansion at 125 Park Ave<\/a>. The company increased its footprint to 184,239 square feet at the designated New York City landmark, owned by SL Green.<\/p>\n\n\n\n