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Debt & Equity

Global Holdings secures $410M loan for purchase of 1250 Broadway

Global Holdings Management Group, a real estate firm headed by Monaco shipping executive Eyal Ofer, received a $410 million loan for its acquisition of Koreatown office building 1250 Broadway.

Photo via 1250broadway.com
Photo via 1250broadway.com

The financing, provided by HSBC Bank, funds the company’s $565 million purchase of the 39-story tower.

Global Holdings closed its acquisition of the building on November 1, according to data from Reonomy. The price came to $701.45 per rentable square feet. The building’s previous owner, Jamestown Properties, bought the property for $310 million in 2008. It purchased the tower through a joint venture with Murray Hill Properties. Jamestown subsequently purchased Murray Hill’s share in 2013 and retained them as property managers.

The building, which is located at 32nd Street, contains 702,763 s/f of space, according to data from CompStak. The biggest tenant is Visiting Nurse of New York, which occupies 320,000 s/f in the property. The organization is set to relocate to the News Building at 220 East 42nd Street. Other tenants in the building include co-working space provider Regus, the Department of Environmental Protection and business development firm DB Grant Associates.

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