Global Holdings has secured a $382.4 million refinancing for 120 Park Avenue, its 620,000-square-foot office tower beside Grand Central Terminal in Midtown Manhattan. Wells Fargo and German lender LBBW originated the loan, which replaces a $335 million HSBC mortgage and is expected to support improvements to the 1981-vintage property.
Key takeaways
- Global Holdings obtained a $382.4 million loan from Wells Fargo and LBBW.
- The financing retires the building’s existing $335 million HSBC debt.
- Bloomberg occupies approximately 80% of the property through a major lease renewal.
- Proceeds will help fund a capital improvement program at the Midtown tower.
The refinancing gives Global Holdings additional capital flexibility while addressing the needs of a prominent but aging Class A office asset. The transaction also follows a significant commitment from the building’s largest tenant, helping reinforce its income profile.
Bloomberg lease strengthens the asset
Bloomberg LP renewed its lease in late 2025 for roughly 495,753 square feet spread across 20 floors. The agreement represented one of New York City’s largest office lease transactions of the year and covers about four-fifths of 120 Park Avenue’s rentable space.
That tenant concentration provides substantial occupancy stability for the property. It also likely helped support the refinancing by giving lenders greater visibility into the tower’s cash flow and long-term operating outlook.
Capital program planned for 1981 building
Global Holdings plans to use the refinancing to advance capital improvements at the property, which was completed in 1981. The work is expected to help maintain the building’s competitiveness in Midtown’s evolving office market and preserve its appeal to major corporate tenants.
Located next to Grand Central Terminal, 120 Park Avenue benefits from one of Manhattan’s strongest transportation hubs. Its location and scale remain important advantages as landlords invest in office upgrades and tenant amenities.
Global Holdings expands its Midtown position
Global Holdings acquired the tower from Altria Group in 2008. The company, chaired by Eyal Ofer, owns an international real estate portfolio totaling more than 10 million square feet, including approximately 120 properties and more than 1,500 hotel rooms.
The refinancing illustrates the firm’s continued focus on maintaining and repositioning large commercial properties. For 120 Park Avenue, the combination of a major lease renewal and fresh debt capital creates a platform for further investment in the asset.