Global Holdings Management signs $450M refi loan Wells Fargo for office in Penn Plaza

Global Holdings Management Group through the entity 1250 Broadway Associates LLC as borrower signed a refi loan with lender Wells Fargo valued at $450 million for the office building (O4) at 1250 Broadway in Penn Plaza, Manhattan.
The deal closed on February 20, 2026 and was recorded on March 2, 2026. The prior lender was HSBC Bank which held debt that had an original loan amount of $443 million.The property has 671,734 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $669 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on November 1, 2016, for $565 million. The signatory for Global Holdings Management Group was Peter Allen . The signatory for Wells Fargo was Jeffrey L. Cirillo .

Prior sales, articles and revenue

The 671,734-square-foot property generated revenue of $53.7 million or $80 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on February 24, 2026 that Global Holdings borrowed $450 million from Wells Fargo for 1250 Broadway, Manhattan, NY. The borrower-side brokers were Grant Frankel, Rob Turner, and Ethan Pond of Eastdil Secured.

The property

The office building in Penn Plaza has 671,734 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 211 feet and is 189 feet deep with a total lot size of 30,750 square feet. The lot is irregular. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $267.4 million. Wells Fargo on February 20, 2026 bought a loan with an original principal of $443.0M from HSBC Bank signed by Fred Schimel , secured by 1250 Broadway, when owned by Global Holdings Management Group .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,585 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 22, 2014. On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 36,000 square feet. The largest, 121204231, is a major alteration project for a 584,154 square-foot B building submitted by Eric Le Clair with plans filed October 6, 2017 and permitted June 4, 2019. The second largest, 123805882, is a major alteration project for a 548,138 square-foot B building submitted by Eric Leclair with plans filed May 1, 2019 and permitted May 23, 2019.

The neighborhood

In Penn Plaza, The majority, or 76 percent of the 20.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Penn Plaza has 1.4 times the average sales volume among other neighborhoods with $453.7 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, Penn Plaza has 2.4 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space. There were 14 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 16 of the 28 commercial properties representing 1,545,239 square feet of the 1,746,232 square feet. The largest owner is Global Holdings Group, followed by Rosen Equities and then Capstone Equities.
On the tax block, there was one new building construction project filed totaling 59,149 square feet. It is a 27-unit, 59,149 square-foot residential (R-2) building submitted by Cottonwood Management and filed by Alex Shing with plans filed June 28, 2017 and it has not been permitted yet.

The majority, or 79 percent of the 1.7 million square feet of built space are office buildings, with retail buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Global Holdings Management Group owned at least eight commercial properties with 583 residential units in New York City with 2,701,261 square feet and a city-determined market value of $1.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Wells Fargo, Helaba, and Global Holdings Management Group respectively. Within the portfolio, the bulk, or 79 percent of the 2,701,261 square feet of built space are office properties, with elevator properties next occupying 17 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link