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Global Holdings secures $382.4M refinancing for 120 Park Ave office tower
The loan refinances the building’s prior $335 million HSBC debt and will fund a capital improvement program for the 1981-built property.
Global Holdings has secured a $382.4 million refinancing loan for its Midtown Manhattan office tower at 120 Park Ave., ConnectCRE reports, citing The Real Deal.
Wells Fargo and German bank LBBW originated the note, which retires the property’s existing $335 million loan from HSBC.
The refinancing follows Bloomberg LP’s renewal in late 2025 of its lease covering 20 floors and 495,753 square feet in the Class A building, which accounts for roughly 80% of the tower’s rentable area.
Global Holdings acquired the 620,000-square-foot building next to Grand Central Terminal from Altria Group in 2008, and the company said the proceeds will support a capital improvement program for the asset built in 1981.