Cannon Hill, Global Holdings, Williams Equities Complete $200M Recap of 888 Broadway
The office building near Union Square is anchored by Netflix
By Andrew Coen February 13, 2025 12:00 pm
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Cannon Hill Capital Partners has closed a recapitalization of 888 Broadway by adding Global Holdings and Williams Equities as equity partners, Commercial Observer can first report.
The recap amount is “in excess of $200 million,” market sources told CO.
The new partnership involves Williams Equities contributing its fee title in 38 East 19th Street, an annex that is connected to the two-building, 220,000-square-foot office property, to both Cannon Hill and Global Holdings.
Newmark’s Adam Spies, Adam Doneger and Avery Silverstein arranged the recap.
“We see strong and growing demand for top-tier New York City office assets, and we believe this is an excellent opportunity to grow our office portfolio further alongside trusted partners in this desirable building and neighborhood,” Eyal Ofer, chairman of Global Holdings, said in a statement. “The investment underscores our commitment to best-in-class properties that deliver long-term value.”
Cannon Hill took ownership of 888 Broadway when it acquired the Normandy Investment Management business from Columbia Property Trust in 2022.
The deal was negotiated by Williams Equities principals Michael T. Cohen, Andrew Roos and Robert Getreu. William Stempel, Jessica Verdi and Mac Roos were senior advisers in the deal in collaboration with Eric Rubin, co-founding partner and chief investment officer at Cannon Hill.
“We are thrilled to partner with Global Holdings and Cannon Hill in this highly desirable trophy asset in the Union Square neighborhood of Midtown South,” Cohen said in a statement. “This partnership strengthens our position for both assets and further supports our business objectives.”
As part of the agreement, Colliers was also appointed as leasing agent for the Midtown South complex, which is anchored by Netflix (NFLX).
Netflix signed a 100,000-square-foot lease at 888 Broadway in 2019 as part of the streaming giant’s push to expand in New York. The property is 90 percent occupied and also leased to ABC Carpet & Home, ABC Cocina, ABC Kitchen and several investment firms.
The building, which is a block from Union Square, recently underwent renovations including adding a second lobby entrance and a roof terrace designed by Fogarty Finger Architects.
“This is a major milestone given our history with the property, including its significant repositioning and our commitment to delivering exceptional properties like 888 Broadway to the market,” Rubin said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com.
