L&L Holding Company has secured $911 million in refinancing for 425 Park Avenue, an office skyscraper in Midtown East, Manhattan. Sumitomo Mitsui Trust Bank led the refinancing as the principal lender, with the new five-year floating rate loan intended to replace a similar-sized loan from 2021 that supported the tower’s final construction and leasing activities.
Developed in partnership with Tokyu Land US Corporation and managed alongside BGO, 425 Park Avenue is the first full-block office development on Park Avenue in the last 50 years. Since its completion in early 2022, it has achieved a 90 percent occupancy rate, primarily attracting tenants from the finance and investment sectors. Citadel, a global hedge fund and financial services company, is the property’s anchor tenant, occupying 440,000 square feet across 22 floors.
425 Park Avenue, via 425parkave.com
425 Park Avenue was designed by Foster + Partners, and holds LEED and Well Core Gold certifications. The amenity area, named The Diagrid Club, is located in a triple-height space near the top of the building. The club offers panoramic views of Manhattan and outdoor spaces. Beyond that, 425 Park avenue features a culinary program led by globally acclaimed chef Jean-Georges Vongerichten. Jean-Georges operates both The Diagrid Club’s food and beverage program along with a two-level restaurant Four Twenty Five, situated at the base of the tower.
“This massive loan package demonstrates the lending market’s continued capacity and appetite to finance ultra-premium, highly amenitized and well-located office towers owned and operated by first-rate sponsors,” said L&L Holding president and chief investment officer Rob Lapidus. “We greatly appreciate the support of Tokyu Land US Corporation and BGO along with Sumitomo Mitsui Trust’s faith in our stewardship of 425 Park Avenue.”
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Maybe the most phenominal buildiing recently
Is this building already finished? Why no live photos?
99% sure that first image is an actual photo, you can see the cranes for 270 Park Ave in the upper right corner (when it was just beginning to rise). Stunning building.
The first picture is an actual photo of the building. It’s a very beautiful building.
The tower will last forever, if there is no severe earthquake: Thanks.
This isn’t so “well-located” if you want close train access.
Pretty ridiculous statement
Very ridiculous. It’s about eight blocks north of the Grand Central North entrance.
So how does a working class person actually get to buy an apartment in this building before all the billionaires outside the USA get their hands on the units just to keep it empty.
Well first of all CJ, this is NOT a residential building!!!