Manhattan, NY Global Holdings, the international real estate development and investment firm led by chairman and founder Eyal Ofer, in partnership with Williams Equities, have joined the partnership of Cannon Hill Capital Partners that owns the two-building office complex comprised of 888 Bdwy. and its annex, 38 East 19th St.
To achieve this outcome, Williams Equities contributed its fee title in the annex into the partnership with Global Holdings and Cannon Hill that owns and operates the combined 222,000 s/f property. As part of the agreement, Colliers will be appointed as the leasing agent for the complex.
Williams Equities principals Michael Cohen, Andrew Roos and Robert Getreu, as well as senior advisors William Stempel, Jessica Verdi and Mac Roos, collaborated with Cannon Hill’s Rubin in negotiating the transaction. Newmark’s co-head of US Capital Markets Adam Spies, executive vice chairman Adam Doneger and managing director Avery Silverstein represented Cannon Hill.
Occupying the blockfront on Bdwy. between 18th and 19th Sts., the class A loft style building offers ground-floor retail, 35,000 s/f base office floors, and 5,000 s/f tower office floors. The red-brick property is located one block from Union Square Park, near world-renowned restaurants, shopping, hotels, and access to multiple forms of transportation.
“We see strong and growing demand for top-tier New York City office assets and we believe this is an excellent opportunity to grow our office portfolio further alongside trusted partners in this desirable building and neighborhood,” said Eyal Ofer, chairman of Global Holdings. “The investment underscores our commitment to best-in-class properties that deliver long-term value.”
“We are thrilled to partner with Global Holdings and Cannon Hill in this highly desireable trophy asset in the Union Square neighborhood of Midtown South,” said Michael Cohen, a principal with Williams Equities. “This partnership strengthens our position for both assets and further supports our business objectives.”
“This is a major milestone given our history with the property, including its significant repositioning and our commitment to delivering exceptional properties like 888 Broadway to the market,” said Eric Rubin, co-founding partner and chief investment officer of Cannon Hill.
Streaming service leader Netflix leases 100,000 s/f across floors 5-7 and the glass-enclosed penthouse within 888 Bdwy. Other tenants include several investment firms, a technology firm and three esteemed Jean Georges restaurants: abc Kitchen, abc Cocina and abcV.
The building’s recent redevelopment included adding a second, dedicated lobby entrance and elevator bank for the newly delivered boutique office tower floors, upgraded building systems, and a luxurious common roof terrace amenity designed in partnership with Fogarty Finger Architects.
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