The Real Deal New York

Credit manager signs lease for full floor at Global Holding’s 875 Third Ave

CIFC Asset Management will be relocating from near Grand Central
By Rich Bockmann | August 15, 2018 03:30PM

875 Third Avenue and Eyal Ofer (Credit: Global Holdings and Getty Images)

Credit manager CIFC Asset Management is relocating its Park Avenue offices to just shy of 30,000 square feet at Global Holdings’ 875 Third Avenue.

The company, which has $18 billion in assets under management, signed a lease for the full 24th floor at Global Holdings’ Midtown East office tower, the landlord confirmed to The Real Deal.

The 10-year deal came with a starting rent in the mid-$70s per square foot, according to CompStak.

CIFC, currently located at AEW Capital Management’s 250 Park Avenue, is backfilling some of the space in Global Holding’s 29-story, 700,000-square-foot tower. Law firm Hogan Lovells is moving from the building to L&L Holding and Clarion Partners390 Madison Avenue.

Earlier this year, the law firm Epstein Becker Green signed a lease for 80,000 square feet of Hogan Lovells space. The law firm, also coming out of AEW Capital’s 250 Park Avenue, will move its offices in the middle of next year.

And DWS Group, the Deutsche Bank asset-management spinoff previously known as Deutsche Asset Management, signed a lease for 82,000 square feet of the departing law firm’s space.

CBRE’s Silvio PetrielloAndrew Sussman, Brad Auerbach and David Hollander negotiated the lease on behalf of CIFC.

A JLL team of Paul Glickman, Diana Biasotti and Harley Dalton handle leasing at the tower.

Global Holdings — which is run by Israeli billionaire Eyal Ofer — acquired the building from Boston Properties in 2003 for $370 million.