Michael Bloomberg Leases 495753 Square Feet Office At 120 Park Avenue From Eyal Ofer
120 Park Avenue
Building Size
495,753 SF
Asset Type
Office
Closing
Dec 17, 2025
About this deal
AI
The property involved in this transaction is an office asset located at 120 Park Avenue in Midtown Manhattan. This lease renewal encompasses 495,753 square feet of space, reflecting a significant presence in the competitive market of Midtown Manhattan.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 120 Park Avenue
- Market: Midtown Manhattan
- Landlord: Eyal Ofer - Global Holdings
- Tenant: Michael Bloomberg - Bloomberg
- Landlord's Representative: Paul Glickman & Diana Biasotti - JLL; Alexander Radmin & Chris Roth - Global Holdings Management Group
- Tenant's Representative: Howard Fiddle, Chris Mansfield & Zachary Weil - CBRE
This lease agreement indicates that Bloomberg has signed an 11-year lease renewal, demonstrating its commitment to maintaining a substantial office footprint in the area. This deal is among the largest office transactions of the year and aligns with Bloomberg's existing properties at 731 Lexington Avenue and 919 Third Avenue.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93