The Real Deal New York

Epstein Becker & Green inks 80K sf lease on Third Ave. 

Health care and employment law firm relocating from 250 Park
By Rich Bockmann | May 23, 2018 03:55PM

875 Third Ave and Ayal Ofer (Credit: Wikipedia Commons and Global Holdings)

Health care-and-employment law firm Epstein Becker & Green is relocating its offices from the Grand Central area to 80,000 square feet on Third Avenue.

The “super-boutique” law shop signed a lease for three full floors at Global Holdings Management Group’s 875 Third Avenue, representatives for the building told The Real Deal.

EBG, as the company is known, will be relocating from AEW Capital Management’s 250 Park Avenue, which it has called home for more than 30 years. The law firm leases about 115,000 square feet in the building, but has sublet some of that space and only occupies about 90,000 square feet.

Financial terms of the deal weren’t disclosed, but a recent lease in Global Holdings’ 665,000-square-foot tower had an asking rent in the low-$80s.

A JLL team of Paul Glickman, Diana Biasotti and Harley Dalton represented Global Holdings, along with the company’s in-house leasing director Craig Panzirer. Savills Studley’s Jeffrey Peck and Dan Horowitz negotiated the deal on behalf of EBG.

Paul Glickman

Eyal Ofer’s Global Holdings also signed a renewal and expansion with Cerberus Capital Management, which took an additional 13,000 square feet that brings the private investment firm’s footprint in the tower to 132,000 square feet.

And the landlord recently inked an 82,000-square-foot deal with the asset management arm of Deutsche Bank, as TRD previously reported.

Glickman said recent upgrades to the lobby and building infrastructure, as well as its “abundant in-building and area amenities” have been a draw in attracting new tenants.

Global Holdings acquired the building from Boston Properties in 2003 for $370 million.