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Amalgamated Bank, long headquartered at 275 Seventh Ave. is relocating to Global Holdings’ re-energized 99 Park Ave. close to Grand Central Terminal – a milestone move for the union-owned financial institution.
Amalgamated’s new, 15-year lease for 94,045 square feet brings 99 Park Ave. to 98% leased, coming on top of 220,000 square-feet of recent deals there.
Amalgamated will occupy the entire second, third and fifth floors as well as a portion of the ground floor which will be used for a private entrance lobby.
The deal marks the latest success for a $30 million capital improvement program by Global Holdings, which is led by founder Eyal Ofer. Architectural firm VOCON is overseeing a detailed redesign of the Art Deco facade and of new tenants’ amenities such as a speakeasy, a golf simulator and conference center, to be completed early next year.
Global’s senior vice-president and director of leasing, Craig Panzirer said, “We’re committed to meeting the demand of best-in-class tenants and to elevating the standard of working on Park Avenue.”
Global Holdings has owned the 1950s-vintage, 600,000 square-foot property since 1990. Recent signings include strategic advisory firm Geller & Co., which took over 45,000 square feet. International children’s apparel company Garan. doubled its square footage in March. Last year saw a new lease for wealth-management firm Steward Partners and an expansion by Metropolitan Bank.
JLL’s Daoud Awad and Chris Kraus represented Amalgamated. The landlord was repped by Panzirer and Alex Radmin in-house and by JLL’s Paul Glickman, Diana Biasotti, Kristen Morgan, and Harrison Potter.
Amalgamated was long located near the Garment District that gave rise to it. Founded in 1923 by the Amalgamated Clothing Workers Union, it’s majority-owned by labor organization Workers United.
As reported by Investing.com, which cited an SEC filing by the bank’s parent, Amalgamated Financial Corp., the office portion of the deal is to be available by Apri1, 2026. Following a 16-month abatement period, the base rent at 99 Park will start at $6.205 million a year. The smaller ground-floor space will start at $142,830 per year.
