Amalgamated Bank to Move to 94K SF at 99 Park Avenue

Amalgamated Bank is moving its operations from Chelsea to Midtown East.

The bank, which focuses on serving nonprofit organizations and labor unions, has signed a 15-year lease for 94,045 square feet on part of the ground floor and the entire second, third and fifth floors of Global Holdings Management Group’s 99 Park Avenue, according to the landlord.

The bank will leave its current spot at 275 Seventh Avenue for its new Park Avenue digs during spring of 2026, Global Holdings said.

“99 Park Avenue delivers a dynamic energy that leading companies are drawn to as we seek to enhance the workday experience and reimagine the modern workplace,” Craig Panzirer, senior vice president and director of leasing at Global Holdings, said in a statement.

“As our capital improvement program continues to progress, we’re committed to meeting the demand of best-in-class tenants and to elevating the standard of working on prestigious Park Avenue in New York City,” Panzirer added.

The asking rent was unclear, but a report from Newmark found office rents in Midtown averaged $78.58 per square foot during the first quarter of 2025.

JLL (JLL)’s Daoud Awad, Chris Kraus, Kimberly Smith and Matthew Rosen brokered the deal for the tenant, while Panzirer and Alexander Radmin represented the landlord in-house, along with JLL’s Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter.

“Global Holdings invested the time to understand the tenant’s goals, and the landlord’s commitment to supporting Amalgamated Bank’s continued success led to a very collaborative process and a transaction that achieves the needs of all parties,” Awad said in a statement to Commercial Observer. “We’re thrilled with the outcome.”

A spokesperson for Amalgamated did not immediately respond to a request for comment. The New York Post first reported the news.

The deal brings Global Holdings’ 26-story office tower to 98 percent leased as the landlord completes a $30 million capital improvement program at the property, including a facade redesign and new amenities such as a golf simulator and faux speakeasy, according to a release. Upgrades are set to be completed in 2026.

Other tenants of the building East 39th and East 40th streets include financial services and strategic advisory firm Geller, children’s apparel company Garan, Metropolitan Commercial Bank and real estate investment management firm Lubert-Adler.

Isabelle Durso can be reached at idurso@commercialobserver.com.