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malgamated Bank is making a bold move, relocating from its long-time home at 275 Seventh Avenue to the revitalized 99 Park Avenue, situated just steps away from Grand Central Terminal. This strategic shift marks a significant milestone for the union-owned financial institution.

    The bank's new lease agreement spans 94,045 square feet across multiple floors and will bring the property to an impressive 98% occupancy rate. The deal is part of Global Holdings' $30 million capital improvement program, led by founder Eyal Ofer, which aims to elevate the standard of working on Park Avenue.

    Under the guidance of VOCON, the building's Art Deco facade will undergo a meticulous redesign, accompanied by the introduction of upscale amenities such as a speakeasy, golf simulator, and conference center. These enhancements are set to be completed early next year, further solidifying 99 Park Avenue's status as a premier office destination.

    "We're committed to attracting top-tier tenants and setting a new benchmark for working on Park Avenue," said Craig Panzirer, Global Holdings' senior vice-president and director of leasing. The property has seen significant activity in recent years, with notable signings including Geller & Co., Garan, Steward Partners, and Metropolitan Bank.

    Amalgamated's relocation marks a return to its roots, as the bank was originally founded near the Garment District that gave rise to it. Majority-owned by labor organization Workers United, Amalgamated has secured a 15-year lease with an abatement period of 16 months before the base rent kicks in at $6.205 million per year for the office space and $142,830 per year for the smaller ground-floor area.