Bloomberg Renews Lease at 120 Park Avenue

Bloomberg L.P. has recently renewed the lease for its 468,000 square feet of Midtown Manhattan office space at 120 Park Avenue. Former Mayor Michael Bloomberg’s media company will stay for at least another ten years in the building next to the Grand Central Terminal.

The 630,000-square-foot, class A+ office property at 120 Park Avenue is currently owned by Global Holdings Group. Bloomberg will continue to occupy the 8th through 23rd floors in the building. The company has been there since 2011, when it outgrew its 1.3 million-square-foot headquarters at 731 Lexington Avenue. While the original lease was supposed to end in 2020, the new one is set to last until February 2029.

120 Park Avenue (PropertyShark)

“We are excited to reach a new deal with Bloomberg to lease space in one of New York City’s finest office towers until 2029,” Eyal Ofer, Global Holdings Group’s Chairman, told Real Estate Weekly. “120 Park Avenue is an incredible building, with first-class amenities, panoramic views of the city and direct access to Grand Central Station, making it one of the most accessible and convenient locations in Manhattan. Securing a tenant like Bloomberg for the long-term is a testament to the building’s quality, and we look forward to extending our relationship for another decade.”

A JLL team consisting of Paul Glickman and Diana Biasotti represented the landlord in the deal. CBRE’s Howard Fiddle and Craig Reicher acted on behalf of Bloomberg.

120 Park Avenue is 100 percent occupied; other tenants in the building include Oracle and Phillip Morris, which had the office tower built in 1981 as its corporate headquarters. Global Holdings purchased the property in 2008, when the tobacco company decided to relocate its main operations to Virginia, for approximately $525 million.