NEW YORK – HFF has arranged a $556 million construction loan for a full-block office development on Manhattan’s Park Avenue. The 47-story tower will be located at 425 Park Ave. in Midtown’s Plaza District.
L&L Holding Company and GreenOak Real Estate are developing the 670,000-square-foot project. This will be the first full-block office development on Park Avenue in nearly 50 years, according to HFF.
The new project will feature flexible floor plate sizes and layouts. All floors will contain views of Midtown. Central Park will be visible to floors 24 and higher. The development is also situated near Rockefeller Center.
Project amenities include a private garage for tenants with a special car lobby, a private building entrance and a chauffeurs’ lounge. It will also contain a space dedicated to amenities on the 26th floor that will feature outdoor areas with views of Central Park, a wellness center, and dining, meeting and conference rooms.
The lobby will contain an atrium with floor-to-ceiling glass. The building’s 56th Street and Park Avenue corner will boast a high-end restaurant, while the 55th Street and Park Avenue corner will house retail and gallery space.
HFF’s Mike Tepedino, Michael Gigliotti and Jennifer Keller arranged the construction loan. The loan was secured through Cornerstone Real Estate Advisers, which acted on behalf of an institutional investor.
Tokyu Land Corporation will serve as the property’s co-equity partner and co-developer. Architect Lord Norman Foster will design the tower to LEED-Gold standards.
“425 Park Ave. is an iconic asset that generated strong lender interest, speaking volumes to the world-class nature of the asset, spectacular location and reputation of the development team,” says Tepedino. “It was a pleasure for HFF to be associated with the construction financing for this exceptional property.”
L&L Holding Company is a privately held real estate company that owns and manages a 6-million-square-foot portfolio of Class A commercial office properties throughout the New York City and New York metropolitan area.
GreenOak Real Estate is an independent, partner-owned real estate investment and advisory firm with about $4.6 billion in assets under management. The firm has raised $3.3 billion of equity to invest in targeted strategies and assets, as of March 30, 2015.