Global Holdings, along with its partners, has refinanced the Netflix-leased office building at 888 Broadway in Union Square for $130 million. The financing was provided by DekaBank and Crédit Agricole, according to information given to The Real Deal.
The 220,000-square-foot property also includes an annex at 38 East 19th Street. In addition to Netflix, tenants include the software company Atlassian. Retail space is leased to ABC Home & Carpet and several restaurants operated by Jean-Georges.
Michael Cohen of Williams Equities, who joined Cannon Hill Capital Partners and Global Holdings in recapitalizing the building earlier this year, stated that 888 Broadway “is a standout example of how well-positioned, pre-war, Midtown South buildings continue to be attractive investments.”
Cannon Hill Capital acquired 888 Broadway through its purchase of Normandy Real Estate Partners in 2022. Normandy had previously bought the property for $133 million in 2017. Earlier this year, Cannon Hill brought Global Holdings into the partnership and Williams Equities contributed its fee position in the ground under 38 East 19th Street.
Last year, Cannon Hill sold another office asset—799 Broadway in Greenwich Village—which it owned with Pimco. That property was sold to Savanna for $255 million.
In July, Global Holdings announced plans for a new Anagram-branded apartment development with 158 units at 450 Union Street in Gowanus.
Williams Equities also expanded its portfolio this January by purchasing a 300,000-square-foot office building at 470 Park Avenue for $147.5 million—a price representing a significant discount compared to when it last traded hands in 2018.
