Global Holdings has recently announced a $30-million capital improvement program for its Class A office tower, 99 Park Ave., located near Grand Central Terminal. This exciting news coincides with the renewal and expansion of anchor tenant Metropolitan Commercial Bank’s lease to approximately 81,979 square feet. Additionally, Lubert-Adler, an institutional real estate investment manager based in Philadelphia, has signed a lease for an additional 7,674 square feet and wealth management firm Steward Partners LLC will be leasing 5,499 square feet.
According to Craig Panzirer, SVP / director of leasing at Global Holdings: “Today’s tenants are looking for well-located and highly amenitized spaces and that is exactly what they will find at 99 Park Avenue. In response to this demand and our commitment to strategic investments across our portfolio we have launched a transformative capital improvement program that is already attracting top companies seeking modern office spaces that foster innovation and collaboration.”
The leases were negotiated by Paul Glickman & Diana Biasotti from JLL on behalf of Metropolitan Commercial Bank; Noel Flagg from Newmark represented Lubert-Adler; while David Opper & Eddie Sisca from CBRE represented Steward Partners LLC. The team responsible for representing Global Holdings included Paul Glickman,Diana Biasotti,Kristen Morgan,and Harrison Potter all from JLL.
This announcement highlights the continued success of Global Holdings in securing expansion leases at their properties as well as their dedication towards improving their portfolio through strategic investments.
