Crédit Agricole Refis Global Holdings’ 875 Third Avenue With $340M Loan
By Cathy Cunningham and Matt Grossman June 10, 2019 12:12 pm
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Eyal Ofer’s Global Holdings Group has nabbed a $340 million refinance of its office tower at 875 Third Avenue, property records show.
Crédit Agricole provided the debt, which replaces a $320 million financing from Bank of America—provided in April 2015—and ups it with an additional $20 million mortgage.
The 29-story, 750,000-square-foot office tower stands between East 52st and East 53 Streets. Cerberus Capital Management, a private-equity firm that specializes in distressed investing, is by far the largest tenant, renting 131,000 square feet on six floors. Other renters at the tower, built in 1982, include Northwestern Mutual Life Insurance, Focus Financial Partners and a handful of law firms.
The building’s airy lobby includes three stories of retail, including a below-grade concourse that serves as a food court. Restaurants there include Subway, Sushi Jun and Cowgirl Catering. Meanwhile, Starbucks and Popular Bank run outposts in the building at street level. A publicly accessible mezzanine has a spa and a nail salon, accessible by catwalks that criss-cross above the lobby and that offer seating for Midtown workers on their lunch breaks.
Last August, credit investment firm CIFC Asset Management inked a 10-year deal for 29,572 square feet on the 24th floor of the asset. Three months earlier, law firm Epstein Becker & Green signed up to lease 80,000 square feet on floors 18 through 21.
Officials at Global Holdings and Crédit Agricole were not immediately available for comment.
