Global Holdings Lands $340M Refi for Manhattan Asset

The Crédit Agricole loan will be used to retire an existing $320 million financing from Bank of America, which was taken out four years prior.
875 Third Avenue. Image courtesy of Yardi Matrix

Global Holdings has received a $340 million loan from Crédit Agricole to refinance the roughly 665,000-square-foot 875 Third Avenue, according to Commercial Observer citing property records. The loan will be used to retire existing financing which, according to Yardi Matrix data, is a $320 million Bank of America loan from 2015.

Situated on the east side of Third Avenue, between 52nd and 53rd streets, the 29-story building includes ground-floor retail space, with Subway, Starbucks and Dunkin’ Donuts among the tenants. Yardi Matrix information shows that Cerberus Capital Management holds the largest lease in the building, with 132,000 square feet. The tenant roster also includes the Manhattan offices of Troutman Sanders, Epstein Becker & Green, DWS Group and CIFC Asset Management. Designed by Skidmore, Owings & Merrill in 1982, the property received cosmetic renovations in 2000 and 2014.

At the beginning of the year, another Manhattan Global Holdings asset landed a new tenant. TransPerfect signed a 15-year lease at the 727,000-square-foot Nomad Tower.