Global Holdings, the international real estate development and investment firm led by billionaire Eyal Ofer, is renovating a Manhattan office tower just two blocks south of Grand Central Terminal transit hub.
The $30 million overhaul of the office tower at 99 Park Ave., between 39th and 40th streets, will include a lobby with a facade redesign and new amenities including a conference center, a speakeasy, tenant barber shop and salon and an entertainment lounge with bowling alley and golf simulator, Global Holdings said in a statement Monday. Designed by Vocon, the renovation is expected to be completed by the first quarter of 2026.
The property already has a new tenant-exclusive fitness center featuring Peloton bikes, a yoga studio and a boxing station, according to its website.
Global Holdings’ move comes as Metropolitan Commercial Bank, a tenant since 2003, has expanded its footprint by 26,802 square feet to a total of about 81,979 square feet, Global Holdings said. Lubert-Adler, an institutional real estate investment manager, signed a 7,674-square-foot expansion at the building while Steward Partners, a wealth management firm, signed a new lease for 5,499 square feet, Global Holdings said.
Lubert-Adler previously occupied 3,619 square feet, a Global Holdings spokesperson told CoStar News.
The overhaul comes as the corporate-headquarters-heavy corridor near Grand Central is seeing lower office vacancy rates than the city average as new or renovated trophy towers such as One Vanderbilt by Grand Central are commanding triple-digit rents, leasing numbers have shown.
“Today’s tenants are seeking well-located and highly-amenitized spaces,” Global Holdings Senior Vice President and Director of Leasing Craig Panzirer said in the statement.
Global Holdings in 1990 bought the 26-story, 600,000-square-foot office tower at 99 Park Ave. designed by Emery Roth & Sons.
Global Holdings has more than 120 properties across the United States, United Kingdom and Europe, including residential, hotel and commercial properties. The investment firm's New York portfolio also includes Hotel Park Ave., formerly known as the Mondrian Park Avenue before Global Holdings bought it in 2023. It also owns Anagram Columbus Circle, a luxury rental tower located next to its luxury condominium tower called 15 Central Park West as well as 51 Irving Place, a mixed-use apartment building near Gramercy Park.
For the record
Paul Glickman and Diana Biasotti of JLL represented Metropolitan Commercial Bank. Kristen Morgan and Harrison Potter of JLL represented Global Holdings. Noel Flagg of Newmark represented Lubert-Adler in its deal. David Opper and Eddie Sisca from CBRE represented Steward Partners.