Eyal Ofer’s 99 Park on a Leasing Winning Streak

Eyal Ofer’s Global Holdings is on a roll with 99 Park Avenue.

Amalgamated Bank signed a 15-year lease at the 26-story Midtown Manhattan property, relocating from its longtime headquarters at 275 Seventh Avenue, the New York Post reported. The union-owned financial institution’s move brings the revitalized building near Grand Central Terminal to 98 percent occupancy.

The bank will occupy 94,000 square feet spread across the entire second, third and fifth floors, as well as additional space on the ground floor for a private entrance lobby. This lease follows 220,000 square feet of other recent transactions at the property, cementing its status as a sought-after office destination in Midtown.

Global Holdings invested $30 million in capital improvements at the 1950s-era, 600,000-square-foot Art Deco building. The facade is being redesigned, and amenities — including a speakeasy, a golf simulator and a conference center — are being added. Completion of the redesign is expected early next year.

According to an SEC filing by Amalgamated Financial Corp., the office for its relocation will be available by next April. After a 16-month abatement period, the base rent for the offices will start at $6.205 million annually; the ground-floor space will start at $142,830 per year.

JLL’s Daoud Awad and Chris Kraus represented Amalgamated in the transaction, while the landlord was represented by Panzirer and Alex Radmin in-house, along with a JLL team including Paul Glickman and Diana Biasotti. Global Holdings has owned the property since 1990.

Recent tenant additions at 99 Park Avenue include strategic advisory firm Geller & Company, international children’s apparel company Garan, wealth-management firm Steward Partners and Metropolitan Bank.

Geller signed its lease for 45,000 square feet last month, relocating from 909 Third Avenue. That same month, Garan doubled its space at the building.

Tenants are showing a willingness to flock to the prestige of Park Avenue, leaving landlords in other corridors such as Third Avenue grasping at straws.

— Holden Walter-Warner