In one of many largest offers of its sort this yr, L&L Holding Co. has secured $911 million to refinance 425 Park Ave., its 47-story Manhattan workplace tower. Sumitomo Mitsui Belief Financial institution was the lender for the property.
The five-year floating-rate financing will retire a 2021 mortgage of the identical value, which funded a few of the property’s development and leasing prices. CommercialEdge knowledge exhibits that the Blackstone Group supplied the sooner financing.
Situated in Manhattan’s Plaza District, 425 Park Ave. was designed to LEED and Effectively Core Gold requirements and accomplished in 2022. At the moment 90 p.c occupied, the 670,000-square-foot tower is anchored by Citadel with a 440,000-square-foot lease. Different tenants embrace Kee Casting, Keller Williams and Hellman & Friedman, in response to CommercialEdge.
Key options of 425 Park
Developed by a partnership of L&L Holding and Tokyu Land US Corp. and co-managing accomplice BGO, the tower was designed by Foster + Companions. The complete-block constructing contains a meditation middle, outside terraces with lounge and eating areas and an amenity area known as The Diagrid Membership.
Inside The Diagrid Membership are personal rooms, indoor and outside gathering areas, a meals and beverage program operated by chef Jean-Georges Vongerichten, and artwork installations. The chef additionally operates a restaurant on the constructing’s base.