Cerberus Capital Management, an alternative investment firm that invests in credit, private equity, and real estate, has renewed its 131,000 square foot lease at Global Holdings' 875 Third Avenue building. This long-term commitment ensures the company remains in its headquarters, which it has occupied since 2011.
The landlord did not disclose the asking rent or the exact duration of the lease. However, it is relevant that the average office rent in Midtown was USD 86.55 per square foot in May, according to a CBRE report. This figure provides a benchmark for market conditions at the time of the agreement.
Alexander Radmin, the leasing director for Global Holdings, commented on the lease extension. He stated that they are committed to creating high-quality office environments where leading companies like Cerberus can succeed. Cerberus's continued long-term commitment to 875 Third Avenue strengthens the building's community of prime tenants.
Radmin handled the negotiations internally on behalf of the landlord. For Cerberus, the deal was overseen by Jason Greenstein, David Falk, and Eric Cagner of Newmark. An immediate statement from Newmark was not available.
Cerberus initially occupied 110,000 square feet at 875 Third Avenue in 2011. The company gradually expanded its presence to 119,000 square feet before increasing to its current size of 131,000 square feet in 2018. This expansion reflects the company's growth and needs.
With this deal, the building between East 52nd and East 53rd Street achieves an occupancy rate of 97 percent. This was facilitated by several recent agreements, including a partnership with coworking provider Industrious, which took 28,000 square feet in the Global Holdings building led by Eyal Ofer in May. Furthermore, the non-profit think tank The Conference Board leased 30,171 square feet in May 2025, and the New York Compensation Insurance Rating Board secured a similarly sized space in July 2023. These lettings underscore the attractiveness of the location.
