Sprechen sie business? German lender gives Eastgate $250M to refinance 99 Park Avenue

Landesbank Baden-Württemberg provided the financing to the Ofer family

Eyal Ofer and 99 Park Avenue
Eyal Ofer and 99 Park Avenue

UPDATED: June 23, 1:30 p.m.: The Ofer family’s Eastgate Realty [TRDataCustom] — which was recently renamed Global Holdings Management Group — bagged a $250 million loan to refinance its 25-story office building at 99 Park Avenue in Murray Hill.

German lender Landesbank Baden-Württemberg provided the loan, which closed June 14. The financing replaces a $155 million mortgage (now paid down to $148 million) from HSBC in 2012 and combined that with a new loan for $102 million, the Commercial Observer reported.

The building, known as the National Distillers Building, is located between 39th and 40th streets and spans 530,900 square feet. Tenants include AARP, which signed a 10-year lease for 16,000 square feet in October 2015, and risk-management software company Numerix, which leased 32,000 square feet in 2014.

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Global Holdings is a financial backer of Zeckendorf Development’s 15 Central Park West and the Rudin family’s Greenwich Lane development. In addition to 99 Park, Eastgate operates 120 Park, 875 Third Avenue and 410 Park. In 2014, it paid $100 million to take control of 875 Third Avenue. [CO] E.B. Solomont

(To view Global Holdings’ financing transactions, click here)