Global Holdings has refinanced its Class A office tower at 120 Park Avenue in Midtown Manhattan with a new $382.4 million loan. The refinancing was originated by Wells Fargo and German lender LBBW and is being used to retire the property’s existing $335 million loan from HSBC.
The transaction comes on the heels of a major lease milestone at the building. Bloomberg LP renewed its commitment to the tower in late 2025, extending its 495,753-square-foot lease across 20 floors. The renewal ranks among the largest office lease transactions completed in the city during that year and positions Bloomberg as the dominant tenant in the building.
Bloomberg’s space accounts for roughly 80% of the tower’s rentable area, providing a significant income stream for the asset. The property totals 620,000 square feet and is located adjacent to Grand Central Terminal, reinforcing its position in one of Midtown Manhattan’s most established transit- and amenity-rich office corridors.
Global Holdings originally acquired the 120 Park Avenue tower in 2008 from Altria Group. Built in 1981, the property has long been positioned as a core Midtown office asset, and the sponsor is planning a capital improvement program supported by the new financing. The upgrades are expected to further modernize the building and support existing and future office tenancy.
The refinancing and planned capital improvements occur against the backdrop of Global Holdings’ broader international real estate footprint. Chaired by Eyal Ofer, the private equity firm oversees a portfolio exceeding 10 million square feet of real estate globally. Its holdings include 120 properties and more than 1,500 hotel rooms, with 120 Park Avenue serving as a key office asset within that platform.
The combination of a sizable new loan, a recently renewed long-term lease from a major corporate tenant, and a planned investment program underscores the owner’s ongoing commitment to the Midtown Manhattan tower and its continued role within Global Holdings’ international portfolio.
