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875 Third Ave. Cerberus renews and expands its lease at 875 Third Ave.

NEW YORK CITY—Global Holdings has renewed and expanded a lease with Cerberus Capital Management at 875 Third Ave. in a significant, long-term deal, according to a person with knowledge of the transaction. The New York City-based private equity firm, which with affiliates manages over $30 billion, is staying in its office location, renting an additional 12,000 square feet. This brings the company’s total footprint in the East Midtown tower to 132,000 square feet.

GlobeSt.com learned that Newmark Knight Frank’s David Falk, Eric Cagner and Jason Greenstein represented Cerberus. The firm declined to comment on the transaction.

Global Holdings acquired the 719,000 square-foot tower in 2014 from Miller Global Properties for approximately $475 million, according to Real Capital Analytics. The 29-floor building was constructed in 1982 and is situated between 52nd and 53rd streets. In addition to Cerberus, its tenants include JPB Foundation, Edible Arrangements and the law firm Troutman Sanders, which signed a 15-year lease in the building in 2014, with rents starting in the $50s per square foot.

Betsy Kim

Betsy Kim is the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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