An alternative investment firm is staying put at its office in Midtown East, Commercial Observer has learned.<\/p>\n
Cerberus Capital Management<\/a>, which invests in credit, private equity and real estate, has renewed its 131,000-square-foot lease at Global Holdings\u2019 875 Third Avenue in a long-term commitment to the building it has called its headquarters since 2011.<\/p>\n SEE ALSO: Manhattan\u2019s Office Leasing Reaches Velocity Not Seen Since 2002: Report<\/a><\/p>\n The landlord did not disclose the asking rent for the building or the length of the lease, but the average office asking rent in Midtown was $86.55 per square foot in May, according to a report from CBRE.<\/p>\n \u201cGlobal Holdings is committed to creating high-quality office environments where leading companies like Cerberus can thrive,\u201d Alexander Radmin, director of leasing for Global Holdings, said in a statement. \u201cHaving Cerberus continue to commit long term at 875 Third Avenue strengthens the building\u2019s community of best-in-class tenants.\u201d<\/p>\n Radmin negotiated on behalf of the landlord in-house, while Newmark<\/a>\u2019s Jason Greenstein, David Falk and Eric Cagner handled the deal for Cerberus.<\/p>\n Newmark did not immediately respond to a request for comment.<\/p>\n Cerberus originally took 110,000 square feet when it moved into 875 Third Avenue in 2011<\/a>, slowly growing its footprint to 119,000 square feet before making the jump to 131,000 square feet in 2018<\/a>.<\/p>\n The deal brings the building between East 52nd and East 53rd streets to 97 percent occupancy, helped along by coworking firm Industrious partnering with the Eyal Ofer-led Global Holdings in May<\/a> to operate 28,000 square feet.<\/p>\n In May 2025, nonprofit think tank The Conference Board took 30,171 square feet, and the New York Compensation Insurance Rating Board committed to a space about the same size in July 2023<\/a>.<\/p>\n