The Real Deal New York

Bloomberg LP renews Grand Central offices

Media company re-ups 468K sf digs through 2029
By Rich Bockmann | November 13, 2018 01:10PM

Michael Bloomberg and 120 Park Avenue (Credit: Getty Images and 120parkhq)

Michael Bloomberg could run for president in 2020 and serve two terms … and his company’s Midtown East satellite offices would still be there when he got back.

Bloomberg LP renewed its 468,000-square-foot lease at Global Holdings Group’s 120 Park Avenue through the end of February 2029, the landlord told The Real Deal.

The media and financial-information company’s previous lease covering the eighth through 23rd floors had been set to expire next year, and it decided to re-up early for the next decade.

“Securing a tenant like Bloomberg for the long-term is a testament to the building’s quality,” said Global Holdings chairman Eyal Ofer, who noted the building’s proximity to Grand Central “[makes] it one of the most accessible and convenient locations in Manhattan.”

CBRE’s Howard Fiddle and Craig Reicher negotiated the renewal on behalf of Bloomberg. JLL’s Paul Glickman and Diana Biasotti handle leasing at the property for Global Holdings.

Financial terms of the deal were not available.

Bloomberg LP moved into 120 Park Avenue in 2011, when the company’s ranks had grown nearly 40 percent over three years to more than 6,500 employees in New York. The company’s main offices are located more than a dozen blocks north at 731 Lexington Avenue, the 1.3 million-square-foot tower Vornado Realty Trust built as Bloomberg’s headquarters in 2005.

Global Holdings’ 120 Park Avenue is 100 percent occupied. Other tenants include the technology company Oracle and Phillip Morris, which had the 630,000-square-foot tower built as its corporate headquarters in 1981.

When the tobacco giant relocated its main operations to Virginia in 2008, it sold the 26-story tower to Ofer’s company for $525.81 million. Global Holdings refinanced the property in 2014 with a $400 million loan from HSBC Bank.