Eyal Ofer’s Global Holdings Refinances 120 Park Avenue
Now that he’s locked up Bloomberg to a long-term lease, Eyal Ofer has refinanced his 120 Park Avenue office tower to the tune of $382 million.
Ofer’s Global Holdings tapped Wells Fargo and the German bank LBBW to refi the 26-story, 620,000-square-foot tower, the owner told The Real Deal.
The funding retires a $335 million loan from HSBC in 2019. Global Holdings is working on renovating the lobby, modernizing the building’s elevators and upgrading its public spaces.
The financing deal comes after Ofer locked up most of the building’s space for the long term.
Bloomberg LP last year renewed nearly 500,000 square feet across 20 floors in the tower through 2040. That accounts for about 80 percent of the building’s rentable area.
The media company’s lease was set to expire in 2029, and the renewal was one of the largest deals of 2025. The asking rent in the building at the time was $135 per square foot.
Ofer, an Israeli billionaire whose family made its fortune in shipping, bought 120 Park for $525.8 million in 2008.
Earlier this year, Global Holdings landed a $450 million commercial mortgage-backed securities debt from Wells Fargo to refinance its NoMad Tower at 1250 Broadway. The deal came 10 years after the firm acquired the 39-story building for $565 million and embarked on $50 million in renovations.
The commercial financing market has been picking up steam, despite volatility in borrowing costs and uncertainty over things like the Iran war and the Federal Reserve’s stance on interest rates.
Many borrowers are becoming more comfortable with the current environment and have decided they can no longer sit on the sidelines.
Commercial and multifamily originations were up 16 percent in the second quarter over the same time a year ago, according to the Commercial Bankers Association. Originations are expected to hit $796 billion this year and climb 4 percent next year to $854 billion.
“Office and industrial lending were particularly strong in the second quarter, signaling renewed financing activity in sectors that have faced significant headwinds in recent periods,” the MBA wrote in its August forecast. “Although activity remains uneven across some capital sources and property sectors, the overall increase in lending points to continued improvement in commercial real estate finance markets.”
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